Iron ore price reverses to losses as weakening China steel consumption drags
Apparent consumption of five major steel products slipped by 2.1% week-on-week.
Centaurus Metals (ASX:CTM) slipped back to 72 cents after rising to 78 cents Thursday, on news of a positive resource estimate from its flagship Jambreiro iron ore project in Brazil.
Perth-based Centaurus reported a 65% jump in iron ore from Jambreiro, to 117.5 million tonnes grading 26.8% Fe.
Of the total resource, 72.1 million tonnes grading 27.6% Fe is in the measured and indicated category.
Centaurus said the new numbers will provide a platform for a prefeasibility study which is expected to be finalized in November. The study will be predicated on a 2 million tonnes per annum operation producing +65% Fe products to be sold to local steel mills.
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In July Atlas Iron (ASX:AGO), also based in Perth, paid Centaurus Metals $18.7 million for a 19.9% stake in the junior iron ore miner.
