Geologists have discovered an iron ore deposit estimated to be at least 1 billion tons in northeast China's Liaoning Province after more than two years of exploration, local authorities said on Thursday.

 

The newly-found deposit, between 1,280 meters and 1,500 meters underground, is at the Pingshan District, Benxi City, said Wang Wenqing, deputy head of the Liaoning Provincial Survey Academy of Geology and Mineral Resources.

 

"We plan to spend two to three years finding out the actual reserves," Wang said.

 

"But we will have to wait even longer before we can start excavating."

 

Initial exploration shows that the iron ore is mainly hematite or magnetite, and the average iron content is 34.68 percent, said Yu Wenli, head of the Liaoning Provincial Bureau of Geology and Mineral Resources Exploration.

 

"The deposit can be exploited for more than 30 years," he said.

 

(Xinhua News Agency January 25, 2008)