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Portuguese mine starts exports of iron ore to China

Aethel Mining Ltd has begun exporting to China high-density iron ore from its mine in Torre de Moncorvo in northeastern Portugal, the first order being for 50,000 tonnes, Lusa reports, citing Aethel President Ricardo Santos Silva.

The report quotes Mr Santos Silva as saying last week that the deal struck by Aethel and its Chinese customer is very attractive, owing to the market price for iron ore having risen to about US$170 a tonne.

Mr Santos Silva said Aethel had hired 50 trucks to carry to the northwestern port of Leixões each day for six weeks 50 to 60 loads of between 24 tonnes and 28 tonnes of ore.

The company expects to begin within six months sending iron ore to Leixões by train or barge, Lusa quotes Mr Santos Silva as saying.