The mining company from Canada switched to the sale of eggs

The Canadian mining corporation Century Iron Mines, due to the decline in the raw material market, has become an investor in the project for the sale of chicken eggs from Australia in the Chinese market. It is reported by Bloomberg.

As part of the project, Century Iron Mines created the Century Food unit. It will be saved in Hong Kong and Macau eggs, as well as other products produced by the Australian Sunny Queen Pty. The Canadian company invested in the project 2 million Canadian dollars ($ 1.5 million) with the support of Chinese Wuhan Iron & Steel Corp. and China minmetals corp., which owns 30% Century Iron Mines.

Over the past four years, world prices for iron ore have fallen by 68% due to an excess supply in the market. At the peak in 2011, a ton of ore cost almost $ 192, and in mid -August of this year, it dropped to $ 56.31, below the embankment point for many mining projects. The Century Iron Mines do not expect to restore prices for ore earlier than 2018.

Corporation from Canada is not the first to search for an alternative source of income in the context of falling raw materials prices. In January 2015, the Brazilian All Ore Mineracao refused to extract iron ore and took up the release of cosmetics, changing the name to Sweet Cosmetics. After that, its shares grew by 70%.