Argentina's sole iron ore producer, MCC Sierra Grande, has begun loading its fourth and last 2016 export shipment, the miner said Tuesday, adding that the cargo will likely set sail later this week.
Around 30,000 mt of iron ore will be exported to Australia in this cargo, but will not be used for "steelmaking purposes," it said, saying the ore will be used instead by the coke industry.
The Hong Kong-flagged Stamford Pioneer is loading the ore and is expected to leave Punta Colorada for Australia this week, the company said. It has been docked in the port since November 17.
The vessel, which had been expected to reach Argentina in October, was delayed by first stopping in Brazil.
The miner said it will not export any more cargoes in 2016.
"November and December's production will only be loaded in 2017," said the company's attorney, Jorge Roa, adding it is "possible our next shipment will head to Canada in February, but no contract has been signed."
Roa said the iron ore market "is still unstable because although in recent months there has been a tendency for prices to rise, they are still low with respect to production costs."
The miner has loaded three export vessels so far in 2016. Australia was destination of two vessels with a combined 60,725 mt aboard, while the US received 33,892 mt. The company's export target for the year was 230,000 mt.
MCC Sierra Grande is owned by Metallurgical Corp. of China. The mine has an extraction capacity of about 2.8 million mt/year of iron ore, which can be processed into 1.3 million mt/year of concentrate averaging 68.55% Fe.
