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Transcript of Geology
What - Large body of iron ore
Where - Maogong Village, Shiwen Town, Fushun, Liaoning Province, China
When - Late 2011 The Ore The reports say that the mine is increased by 35.5 million tonnes
-5.75 million tonnes are classified as probable reserves
-25.35 million tonnes are classified as indicated resources
-4.40 million tonnes as inferred resources Supply and Demand "The supply of iron ore is going to be tight in 2010, demand is stronger than supply again" - Patrick Flockhart, Steel Business Briefing Their Process The operation used magnetic separation to refine the ore. The company states this is why they can produce at a low cost Fushun Hanking Maogong Iron Mining Co. Founded in 1994 Owns three slopes and two processing plant Employs magnetic processing in it's refineries Confirmed in 2011 by the Liaoning Provincial Mineral Resource Assessment Centre Fushun Hanking Maogong has increased the base source in its mine In English? Estimated quantity that can reasonably be expected to exist and recoverable with presently available technology at an economically viable cost Probable Reserves 16.1% Indicated Resource Resources from which estimates are based on an assumed continuity beyond measured and/or indicated resources, for which there is geologic evidence. Inferred resources may or may not be supported by samples or measurements A resource whose size and grade have been estimated from sampling at places spaced closely enough that its continuity can be reasonable assumed 74.3% 12.3% inferred resources At the time Iron that was readily available in the market had soared in cost Having to agree on this benchmark price in 2010, china was not able to settle and had problems in the past Annually mining companies make a agreement on price per ton with steel companies With Japan and South Korea finishing their agreements, China took 3 months extra to finish theirs Resources http://au.ibtimes.com/articles/347120/20120531/china-iron-ore.htm#.ULx6nuSaVN-
http://wanttoknowit.com/uses-of-iron/ November 2011 "Profits between Jan. to Oct. 2011, for the nonferrous industry was 186.9 billion yuan, increasing by 55.5%,
in which the mining and ore dressing industry made a profit of 58.7 billion yuan, increasing by 54.1%.
The profits for the metallurgy and rolling industry was128.2 billion yuan, increasing by 56.2%" - From the company's news site in 2011 They started making money Iron (Fe) It is the most common element, forming much of Earth's outer and inner core Iron is a element with the symbol Fe So what does this mean for 2010? There needed to be more iron Then in 2011 Fushun Hanking Maogong Mining Co. discovered a large iron ore body Currently China has instilled a 5 year plan for Iron and Steel Iron is used for may things like producing ammonia, automobiles, machine tools, the hulls of large ships, building parts and machine parts.
It also is used to make stainless steel and in the treatment of anemia