Xstrata begins magnetite exports from Australia

Mining giant Xstrata PLC says it will begin to export magnetite, a form of iron ore as it seeks to service Asian demand from its mining interests in Australia. The company spent $589 million redeveloping its Ernest Henry copper and gold mine in order to give it iron ore extraction capability.

Money AU reports:

Xstrata will have a capacity to export 1.2 million tons of iron ore per year, and the move is a key part of the company’s plan, which seeks to transform the Ernest Henry mine, into an underground mine from an open cut mine.