West Africa: New iron ore frontier

ENDOWED w i t h s i g n i f i c a n t deposits of high-quality iron ore suitable for export to steel markets, West Africa is increasingly developing into a strategic player in the global iron ore markets and emerging as a significant alternative iron ore source to Brazil and Australia’s Pilbara region. Africa is forecast to supply approximately 10% of the world’s iron ore needs by 2025.

The Mount Nimba iron ore deposits that stretch from the Ivory Coast into Liberia host approximately 6 billion tones of high-grade iron ore. Production is expected to increase in the near term with new mines coming on-stream from the large-scale iron ore development projects in West Africa.

Approximately 20 mining companies, including the Big Three –Vale, Rio Tinto plc and BHP Billiton – have embarked on iron ore projects in the region. Spurred by abundant high-grade iron ore resources, 15 greenfields and brown-field expansion projects are planned for region’s iron ore mining industry, at a capital expenditure value of U$36.93 billion between 2012 and 2017. With these current exploration initiatives, proven reserves in the region are estimated to reach 400 million tonnes by 2020.

China’s appetite for steel
Demand from steel end-user sectors in China’s iron and steel market, such as infrastructure, construction and automotive, is expected to drive growth in West Africa’s iron ore industry. In addition, China’s planned infrastructure spending is projected to reach US$1 trillion in 2012 and US$1.8 trillion by 2017; which will require new sources of iron ore supply to meet the demand. China has already committed significant investments into the West African mining industry through financing mining and infrastructure projects, as well as off-take agreements to assist iron ore entities in the region to translate projects into operation.

China Iron and Steel Association (CISA) projects that the country’s steel demands will increase to about 800 million tonnes by 2015. This increasing consumption provides excellent opportunities to develop West Africa iron jaw plate, and cone concave with special processing techniques were also on display.

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