Vila Nova - Iron Ore
DescriptionThe Vila Nova Iron Ore mine is a robust project, with significant financial upside associated with price escalation and resource expansion opportunities. It consists of an open pit mine and ore processing facility producing lump ore and sinter fines.
In August 2009, we acquired the remaining 25% interest of the Vila Nova iron ore project from Mineracao Amapari and now own 100% of the project.
Mine construction and commissioning were completed in Q2 2009. After a period in care and maintenance, during which iron ore prices recovered, we commenced trial mining at Vila Nova in Q3 2010. Two shipments from trial mining, totaling 90,000 tonnes, were sold to the Chinese spot market at an average price of $93 per tonne during Q4 2010.
During the first three quarters of 2011, we produced 379,738 tonnes of iron ore and sold 299,621 tonnes, at an average realized price of $127/tonne.
Vila Nova Iron Lump and Sinter Piles (click to enlarge)
Vila Nova Iron Ore First Shipment (click to enlarge)
2007 Vila Nova Iron Ore Project Technical Report
Last update: December 17, 2012.