Australian mining companies optimistic about African iron ore production potential

Despite the cooling effect of Chinese demand iron ore prices fell to a near three-year low this week, but the Australian miner optimistic that Africa will be the new iron ore producers.

President Jacques Poos made at a meeting of mining executives said on Friday the country's iron ore production in Africa may eventually be comparable to Australia's major iron ore producing areas of the Pilbara (the Pilbara); approximately half of the world's seaborne iron ore supply from Pierre Bala.

Australian developers and mining companies pointed out that China's economic growth slowdown caused by the decline in demand for iron ore is only temporary, and as China attempts to diversify the sources of supply of iron ore, untapped African resources, shareholders' funds will bring more value.

"Africa will be like the past 40 years, BHP Billiton, Rio Tinto and Hancock fortune in Australia, like the rise of Equatorial Resources executive director John Welborn told Reuters. Equatorial develop two iron ore project in the Republic of Congo.

BHP Billiton, Rio Tinto and Hancock Prospecting are large iron ore producers in Australia.

Miners BHP Billiton and other commodities such as iron ore and coal prices have fallen, and part of the project is suspended, triggering concerns about the 10 years of the Australian resources sector boom withered.

Welborn If the projects are all in the West and Central African region, all planning to put into operation by 2020, African exports likely to reach the current level of 500 million tons in Australia.

But he acknowledged that not all projects are expected to be developed during this period completed. Project developers in Africa must overcome infrastructure and insufficient power supply problem, and the face of some of the political and regulatory obstacles.

Welborn also pointed out that, with the rising costs Australia Pilbara iron ore deposits have been highly developed, Africa is gradually turned into a "new Pilbara.

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