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MGB Assess Iron Ore Reserves over Iron and Steel Established

Written By mine on Minggu, 07 November 2010 | 08.05

Mines and Geosciences Bureau (MGB) will be assessing the sufficiency of iron ore reserves in Philippines to ?feed? an integrated iron and steel facility that will soon be established by the country government. The iron reserves are located in the following regions: In Region I, 6.07 million tons; Region II, 25.1 million tons; Region III, 15.23 million tons; Region IV-A, 34.92 tons; Region IV-B, 10.7 million tons; Region V, 318.6 million tons; Region VI, Region VI, 44,190 tons; Region VII, 17.9 million tons; Region VIII, 44.4 million tons; Region IX, 309,310 tons; Region XII, 4 million tons; and Region XIII, 17.04 million tons.

An MGB metallurgical study revealed that iron ores must have a grade of at least 60 percent iron in order to be eligible as raw material for the production of steel. According to MGB Director Leo Jasareno, as of 2009, the country?s iron reserve is placed at 493.5 million tons.

Environment and Natural Resources Secretary Ramon Paje said that the move to establish an integrated iron and steel facility is intended to protect the country?s economy from being drained of dollar reserves resulting from the importation of semi-finished steel as raw materials for the country?s steel industry.

?We have to assess if we have sufficient iron ore reserves here in the country for the production of pig iron, which will serve as feeds in case we put up our own integrated iron and steel facility,? Paje said.

?Being self-sufficient in iron ore raw materials will enable the government to save millions of dollars it is now spending in the importation of semi-finished steel raw materials for the government?s steel industry,? he said.

An MGB study showed that the consumption of the country?s steel industry is approximately 4 million tons per year and is expected to increase to 8 million to 10 million annually.

The current price of imported iron ore is US$70 per ton.

The study showed that steel imports today, mostly in the form of semi-finished steels, represent the second highest importation, next only to oil and petroleum products.

Paje said the MGB is tasked not only to evaluate the quantity of local iron ore reserve but also to determine if the grade of the iron deposits is sufficient for the production of steel in an integrated iron and steel facility.
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