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Iron Mines in Malaya Now Hit by Recession

Bukit Ibam Mine in History

The Straits Times edition of 10 April 1958, reported from Kuala Lumpur on Wednesday that the trade recession has now hit Malaya’s iron mining industry. The result: Production has fallen, development plans have been delayed and a search for new market has begun.

By far the most serious effect it has had on the industry is the decision of a mining company to review its plan to start a new multi-million dollar iron mine in Rompin, Pahang, this year.

The new company is a subsidiary of the $50 million Eastern Mining and Metals Ltd., proprietors of Malaya’s biggest iron mine in Dungun, Trengganu.

A spokesman of the company said here today: “We have spent a lot of money in prospecting and in preliminary work on the new mine. We will have to go on with it.”

“If not for the trade recession we should have been trying to get it into production by the ned of this year.”

“I now doubt very much if it can be before next year.”

The new mine would eventually be as big as the one at Dungun, he added.

The spokesman said that as a result of the recession, iron mines would have to “scale down’ their operations considerably and put their workers on short shifts.

The Straits Times, April 10, 1958.

Markets Sought
The recession has also compelled the company to seek new markets for its ore, the spokesman said.

Japan, he added, was not producing as much steel as before.

Malayan’s iron ore has so far been exported almost exclusively to Japan, which is a natural market because of the shorter distance and the lower freight rates.

But trial shipments of iron ore to European countries have already been made.

The spokesman said, “There seems no doubt that as long as the freight rates remain at not more than the existing level it should be possible to sell quite a substantial properties of Malayan iron ore in the European market.”

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One response to “Iron Mines in Malaya Now Hit by Recession

  1. R.C.O. CRUDE OIL LIMITED May 21, 2011 at 2:10 pm

    Dear Sir,
    We are buyer of large quantity of Iron Ore
    Our supplier Mexici have problem with the delivery now
    We are looking to buy immediate Iron Ore Fe 63, first shipment 60.000 MT within June 2011
    if possible, please for immediate contact by E mail : contact@rcoglobal.com our headquarter Marbella Spain

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