Iron ore price rises on pre-holiday restocking, China stimulus hopes
"Winter restocking of iron ore among steel mills is still underway, so we believe ore prices will find some support in the near term," analyst says.
Ausdrill has received a Letter of Intent from Fortescue Metals Group for the award of a mining services contract at Fortescue’s Solomon iron ore project, located in the Pilbara region of Western Australia.
Ausdrill will provide Reverse Circulation (RC) Grade Control and Resource Development Drilling at the Solomon Hub, using up to six drills in order to define the initial three years of ore production. The contract, which is expected to commence in October 2011, will generate approximately A$75million in revenue over 36 months. Read more
