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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (31310)	1/16/2009 2:04:02 PM
From: LoneClone	Read Replies (1) of 194356

Atlas sees recovery in Chinese iron ore imports steelguru.com Bloomberg reported that Atlas Iron Ltd the West Australian iron ore company that started mining last year said China's demand for the raw material is recovering and contract prices may not drop as much as anticipated. Mr David Flanagan CEO of the Perth based company said "There is big destocking of the stockpiles in China and that is pushing people to go and replenish.” He said that “We are seeing strengthening demand." He added that "I don't want to forecast a number specifically but I think 30% is over the top. The stimulus package is playing a role and general growth in China is also playing a role in demand rebounding.” According to the Beijing-based customs office, China's iron ore imports rose 6.2% in December to 34.5 million tonnes. According to Merrill Lynch & Co Iron ore stockpiles at ports are also declining, down to about 60 million tonnes from 75 million tonnes.

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