Mt Gibson to restart flooded iron ore mine
China's consumption of steel fuelling demand
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Melbourne
CHINA'S demand for higher-quality iron ore is prompting Mount Gibson Iron Ltd to revive a flooded mine off Australia's northwestern coast - and that means evicting the market's unlikely bellwether, Eric the saltwater crocodile.
The giant reptile's home, Koolan Island, has been shuttered since the partial collapse of a 75-metre long wall in 2014 saw the mine engulfed by seawater. Now, the Perth-based producer is proceeding with a A$97 million (S$101 million) restart amid the steady outlook for prices, continued growth in China's steel consumption and demand from mills for premium ore.
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