Aztec to double capacity
Western Australian Aztec Resources Ltd announced that the company would be able to produce four million metric tons per annum at its Koolan island mine over the next 8 or 9 years. The company's announcement doubles the previous production forecast of two million metric tons per annum. Aztec managers say that they are continuing with further exploration work in order to increase the total resource base and improve the capacity of existing mines. The company also welcomed UK-based resource company investor Cambrian Mining's move to increase its shares in Aztec to 18.7%. Aztec has Memoranda of Understanding with Japanese and Chinese companies to supply 2.9 million metric tons of high quality iron ore per year. China's CITIC Group has 5% stake in Aztec.