Peruvian iron ore producer Shougang Hierro Peru plans to invest $79 million to use iron ore stored at an unexplored site at its Marcona mine, according to a media report by local newspaper Gestion.
Shougang Hierro Peru reportedly considers exploring the commodity from an iron ore quarry known as “cancha 43” or “field or spot 43” that reportedly has low economic value, but still represents a business opportunity for the company.
SteelOrbis has learned the company informed the Peruvian government of the unused site back in December.
The “cancha 43” is a deposit of iron ore waste that is thought to have enough iron ore content to explore it. Shougang Hierro Peru declined in January to confirm the investment figure in a document filing.