Iron ore prices continue to go soft Australia's richest woman signed a sales contract with Shougang

Australian Journal reported that the Australian mining tycoon, the richest woman in Reinhart (GinaRinehart) has hand in the Chinese steel manufacturers for the first cooperation.

The current economic slowdown, iron ore prices continued to weaken, the Iron Lady Reinhardt and the largest steel company in China - Shougang Group has signed a long-term sales contract on Thursday.

If the company wants to Reinhart's Roy HillHoldin GS before the end of the year for iron ore project financing for more than 6 billion yuan, then you have to lock in more iron ore importers. Western Australia's Pilbara region (Pilbara) iron ore project was originally scheduled to be put into production in the fourth quarter of 2014, but some experts questioned this, they are suspected of the project soaring construction costs and increasingly Zoudie of iron ore prices is a double blow, can not proceed as scheduled.

It is reported that Shougang Group has only agreed to subscribe for 55 million tons of iron ore annually produced by Roy Hill, a very small part of this partnership is seen as the first step towards the world's largest iron ore consumer. Sales contracts with Shougang to investors eat a reassurance, because the current iron ore price per ton has plummeted to less than $ 120, and the trend to continue pummeling.

Roy Hill had signed a sales contract partners from South Korea, Japan and Taiwan, just not to cooperate with potential customers, China. Roy Hill spokesman said on Tuesday reluctant to co-operation with Shougang to comment, saying the specific details should not be public.

Roy Hill companies, including this project South Korea PoSCo with the STX, that Marubeni, Japan's rolling mill in China Iron and Steel Group (China Steel), which the China Iron and Steel Group holds a 30% stake. The joint venture will purchase 16.5 million tons a year iron ore.

Reinhardt last week released an information on the Internet, said that despite the uncertain global economic outlook, the company's partners are aware Australia is one of the highest in the iron ore production costs, but they RoyHill project confidence.

Reinhardt holds a 70% stake in Roy Hill, the project in June, admitted that the rising cost of production has increased the difficulty of financing of the project.

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