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achievements were made in spite of the slump in the iron ore
market in 1975, Due to the technical difficulties mentioned
above the Mano River mine failed to meet the production commitments
under the long term sales contracts (see Table 11).
As a result of this failure the prospective buyers found elsewhere
supplies of ore and whereas contracts for the sale of
Mano River iron ore- deliverable in 1978 and following years
approximated 25.7 million tons as of the end of 1977, a year
later (December 31, 1978) this had been reduced to a contractual
quantity, deliverable in 1979 and following years, of
approximately 18 million tons. With sales of only 2.4 million
tons in 1978 (125) potential sales of over 5 million tons were
lost within one year.
TABLE 11
N.I.O.C. 's PRODUCTION COMMITMENTS AND ACTUAL OUTPUT 1973-1977
(in tons)
Contracted
Year Annual Actually
Quota Delivered
1973 3.5 m 2.2 m
1974 3.5 m 2.1 m
1975 4.0 m 2.2 m
1976 4.2 m 2.2 m
1977 4.1 m 2.3 m
Source:
- Whinney, Murray, Ernst & Ernst, Audits of Accounts of Major
Concessionaires 1973 - 1975, National Iron Ore Company, Ltd.
(N.I.O.C.)
- CAEMI International B.V.