Browns polymetallic ore deposit "sulfide" resources. The oxide resources consist of supergene or weathered sulfide ore where the ore mineralogy is dominated by metal oxides, hydroxides, clays and carbonates after the original sulfide mineralogy. The Browns deposit is currently being developed as a major base metals mine by Compass Resources NL, an Australian public company, in joint venture with Hunan Nonferrous Metals Corporation, a Chinese government company. The mine is due to be complete in August 2008, after suffering cost escalation and construction delays, and will produce 15,000 tonnes of copper, 4,000 tonnes of cobalt and 4,000 tonnes of nickel per annum, with a
Iron ore largest steel producing country. It is also the largest importer, buying 52% of the seaborne trade in iron ore in 2004. China is followed by Japan and Korea, which consume a significant amount of raw iron ore and metallurgical coal. In 2006, China produced 588 million tons of iron ore, with an annual growth of 38%. Over the last 40 years, iron ore prices have been decided in closed-door negotiations between the small handful of miners and steelmakers which dominate both spot and contract markets. Traditionally, the first deal reached between these two groups sets a "benchmark" to be followed