Australia`s Vortex enters iron ore sector with Canadian acquisition

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Australian newcomer Vortex Pipes said Thursday it has agreed to acquire up to 100% of the Snelgrove iron ore project in Newfoundland Labrador, Canada, from Toronto listed Cap-Ex Iron Ore and Preston Mineral Resources.

Financial details of the agreement were not disclosed. It is Vortex's first foray into iron ore, with its core business centered around relining steel pipes, a company official told Platts.

'We see this as an attractive entry point for Vortex to potentially secure a foothold in a highly prospective iron ore province alongside some of the world's largest and most respected iron and steel companies,'' Vortex director James Robinson said in a statement.

Producers in the region including global majors Rio Tinto. Arcelor Mittal, Tata Steel, Posco and Wuhan Iron & Steel currently export around 50 million mt/year of iron ore.

The Snelgrove project is located around 65 kilometers (40 miles) east of a rail line that transports iron ore to the multi-user port of Sept lies. Studies to determine the project's hematite deposits are expected to commence shortly, Vortex said.

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