Thursday, July 10, 2008

Commodities in Focus: Peru: Gold Mining --- China: Iron Ore Imports

South African gold miner, Gold Fields Considers expansion of Peruvian Mine

South Africa`s Gold Fields will consider doubling the size of its US$450 million Cerro Corona copper and gold project in Peru once the mine reaches full output in December, it was reported on Thursday.

Juan Luis Kruger, the head of Gold Fields` South American operations, told South Africa`s Business Report, the company`s equivalent reserves in Peru, which include gold and copper-rich ore, could reach as much as 5.7Moz, up from 5Moz, due to higher metal prices. ...............

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China Iron Ore Imports rise 22% in first half

China, the world`s top steel producer and consumer, imported 230Mt tonnes of iron ore in the first half, up 22.5% from a year earlier, and analysts said the momentum is not likely to ease in the second half.

Most iron ore mines in northern Chinese provinces, which account for the bulk of domestic output, have halted production ahead of the August Beijing Olympics, forcing local steel mills to source more imported ores, they said.

"It is very likely that some steel makers in northern China are building up stocks for their production during the Olympics period," said Macquarie Bank analyst, Henry Liu. ..................

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