Six shipments totalling 417,842 tonnes of high-grade ore have been exported to Chinese customers from a mine in Australia's Northern Territory despite the global economic crisis.
Nearly 1.4 million tonnes of iron ore lump and fines has been shipped out from the Frances Creek iron ore mine, near Pine Creek, through the Port of Darwin to customers in China.
The millionth tonne was exported in November, Territory Resources said in its quarterly report.
Spot iron prices have fallen by 40 per cent but Territory Resources still achieved strong sales achieved during the quarter through its association with Noble Group in Hong Kong.
"Territory Resources continues to maintain a fully sold position, with a stable customer base and high appreciation for the quality of the product and reliability of grades," the company said.
The outcome of price negotations between the major iron ore suplier and Chinese steel mills are scheduled to start soon. The result is expected to provide a clearer guideline on forward pricing before Territory Resources finalises arrangements with key customers on long-term supply commitments.
Source: Northern Territoty News
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