September 08, 2008

TKC Steel to export iron ore from Zambon and Rizal mines

It is reported that TKC Steel Corp intends to export iron ore, which will be extracted from its two prospective mining sites in the provinces of Zamboanga del Sur in Mindanao and Rizal in Luzon in Philippines.

Mr Alex Ariza chairman of TKC Steel said that "We are looking at exporting iron ore. We are going to use about 600,000 tonnes a year and we hope to export the excess. The market is generally retail."

Mr Anthony Dizon president of TKC Steel said that the country has been exporting about 1 million tonnes of iron ore per year to overseas markets, largely to China.

He added that TKC Steel has formed a JV with Mikro Tech Inc and Karangalan Resources Mining Corp for the drilling of some 50 million tonnes of iron ore reserves in Zamboanga. He further added that it also recently completed talks with a local cooperative in Rizal, the Kooperatiba ng mga Katutubo Remontado at Dumagat ng Sta. Ines, for the exploration of a property in the province that was estimated to contain 30 million tonnes of iron ore deposits.

TKC Steel entered into both mining projects to supply iron ore as raw material for its blast furnace and support its steel manufacturing business. Its blast furnace is expected to double its production of iron billets from 300,000 metric tons to 600,000 tonnes annually by the last quarter of 2008.