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Deposit discovered in China with 1 bln tons of iron ore

SHENYANG (Hong Kong), January 24 (RIA Novosti) - An iron ore deposit with estimated reserves of at least 1 billion metric tons has been discovered in northeast China's Liaoning Province, Xinhua news agency said Thursday, citing local authorities.

The agency said the deposit, located between 1,280 meters and 1,500 meters underground, is in the province's Pingshan District.

"We plan to spend two to three years finding out the actual reserves," a deputy head of the Liaoning Provincial Survey Academy of Geology and Mineral Resources was quoted as saying. "But we will have to wait even longer before we can start excavating."

He said the iron ore is mainly hematite or magnetite, and that the average iron content is 34.68 %. The deposit can be mined for more than 30 years, the official said.

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