FMO PLANS TO START BUILDING CONCS PLANT NEXT YEAR

摘要

Venezuelan iron ore producer Ferrominera Orinoco (FMO) has confirmed it will start work on its planned 8 million tpy concentrator plant at Puerto Ordaz during second-half 2004. This would be FMO's first concentrator plant, allowing it to use lower grade reserves from its Altamira mine, extending that mine's useful life by 20 years, the company said. The concentrator is expected on stream in 2006. Financing for the project - which would cost an estimated total of 330 million dollars including related infrastructure - has not yet been finalised, a company spokesman said. "However; FMO is confident about the project and plans to start work on it using its own financial resources," he said.