Sandy Chim on The Next Iron Ore Project in Joyce Lake
Sandy Chim, CEO of Century Global Corporation talks about a developing Iron Ore Project in Joyce Lake.
Sandy Chim, CEO of Century Global Corporation, sees potential from their Joyce Lake project.
According to Chim, the company is focused on the Chinese market for the destination of the iron ore extracted from the project.
“China is around 70 percent of the total seaborne market. [Therefore] China for some time will still be the biggest consumer of iron ore project,” Chim said.
Some more good news for Chim is that China now imports roughly 90 per cent of its iron ore from overseas.
The project which is located in Eastern Canada, has completed a bankable feasibility study and a environmental impact assessment.
Lastly, The Joyce Lake project will be an open pit mine with a production at nominal 2.5 million tonnes per annum over a 7+ years.
“We hope to achieve development at Joyce Lake. This has got $140 million NPV value. Now this is based on assumption of roughly $95 U.S. iron ore price where we’re at today,” Chim said.
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