Small miners on look out for new resources in Australia

Metal Stocks  |  2011-06-09 04:11:31   |   By

Small miners have joined forces to find new iron ore resources in Australia in order to feed the mighty China and to hang on to the business while rubbing with mining giants like BHP and Rio Tinto

SYDNEY (Scrap Monster): Small miners have joined forces to find new iron ore resources in Australia in order to feed the mighty China and to hang on to the business while rubbing with mining giants like BHP and Rio Tinto.

The small miner are working for more ports and exploring new ground hundreds or thousands of kilometers from the Pilbara, which is a large resource dominated by the mining giants already.

Meanwhile, Chinese willingness to help fund work on new projects is overcoming past obstacles to development far from the established mining camps.

Chinese steel production continues to grow, with estimates approaching 680-700 million tonnes in 2011, UBS said, from 627 million tons produced in 2010. read more on this