Australian mining exploration company TNG will continue drilling for iron ore at its Mt Peake site, 280 kilometres north of Alice Springs, until the end of this month, despite a fall in the value of the metal.
Exploration director Paul Burton says it could be home to a significant iron ore mine in the next five to six years, even though demand is down.
"Everything does turn around, it's one of the basic commodities for developing nations," he says.
"You can always imagine that demand for high quality iron ore, in particular steel-making products, will always be in demand in the future.
"We are actively looking at bringing some investment in from China to help develop our projects."
Source: ABC, Australia
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