Tennessee Minerals to Offer Domestic Iron Ore Fines Supply
03/17/2005 - Tennessee Minerals, LLC will soon make available approximately 15 million tons of high-quality iron ore fines.
Tennessee Minerals, LLC will soon make available approximately 15 million tons of high-quality iron ore fines.
Market availability of the iron ore hinges on Tennessee Minerals' removal and transportation plan, which includes the multi-million dollar rehabilitation of a 43-mile railroad infrastructure from Copperhill to Etowah, Tenn. Rehabilitation of the former CSX rail line provides a means by which the 53-acre Copperhill, Tenn., mountain of iron ore will be made available for shipment. Tennessee Minerals expects to make its first shipment of iron ore in second quarter 2005.
The company has conducted an extensive sampling and quality analysis of the iron ore pile in Tennessee and found that it is consistently 65 to 68% high-end total iron. Product samples were also evaluated by major U.S. and Chinese iron ore consumers and found to be a high-quality iron ore supply. The company says it will sell the iron ore in the United States and internationally at market competitive rates.
The iron ore is mined and ready for shipment in concentrated form. It may be further refined and processed as needed, depending on the intended usage.
Tennessee Minerals plans to haul 1.5 to 2 million tons of iron ore annually, using up to 600 railcars. It is the only company with exclusive rights to remove and sell the material. Removal of the iron ore is expected to be completed in five to seven years.
Tennessee Minerals, LLC is a joint venture between FeX Group, LLC, Pittsburgh, and International Commodity Distribution, Inc., (ICD), Pittsburgh. The organization was created in 2004 to provide mineral and transportation solutions that help meet the increased domestic and global demand for iron ore. FeX Group purchases, transports and processes iron by-products for re-sale to various industries. ICD manages the purchase, transportation and sale of steel raw material exports from the United States and Canada.