By Xinhua
Shenyang : Geologists have discovered an iron ore deposit of at least one billion tonnes in northeast China’s Liaoning province after more than two years of exploration, local authorities said Thursday.
The newly found deposit, between 1,280-1,500 meters underground, is at the Pingshan district, said Wang Wenqing, deputy head of the Liaoning Provincial Survey Academy of Geology and Mineral Resources.
“We plan to spend two-three years finding out the actual reserves,” Wang said.
“But we will have to wait even longer before we can start excavating.” Initial exploration shows that the iron ore is mainly hematite or magnetite, two of the several iron oxides, and the average iron content is 34.68 percent, said Yu Wenli, head of the academy.
“The deposit can be exploited for more than 30 years,” he said.