Australia-based iron ore miner Tombador Iron Limited has announced that it has decided to suspend mining operations at the Tombador Project in Sento Sé, Brazil.
The decision was made considering the current market conditions and external factors, including increased transport costs due to high oil prices and other inflationary pressures, which impact the project’s financial viability.
The suspension of operations will allow the company time to thoroughly assess the economic viability of the project in the current market without the pressure of constrained production and the associated monthly fixed costs.
Tombador Iron Limited held a stockpile of approximately 412,000 wet mt, comprised of 19,000 wet mt of lumps and 393,000 wet mt of fines products, as of September 30, 2023.