As most of the world's small iron ore miners fight for survival, an Australian prospector is preparing to dig a new mine - counting on its high-grade ore and specialist mill buyers to compete in market dominated by mega producers.
Quentin Hill, managing director of Carpentaria Exploration , says his company's "super grade" concentrate represents some of the world's richest iron ore pellet feeds, which can yield margins competitive with Vale, Rio Tinto, BHP Billiton and Fortescue Metals Group , which together control 70 percent of the sea-borne market.
Bahrain Steel has signed a non-binding letter of intent with Carpentaria for three million tonnes a year, while Mitsubishi Corp and commodities trader Gunvor Group have agreed to buy a further 1 million tonnes each.
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