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The surge in iron prices is good news for producers in Africa

Due to a decline in supply from the world’s leading producers, the price of iron ore reached its highest level in five years. This bodes well for the African continent, as mining companies gear up to expand their operations.

According to the Platts Iron Ore Index (IODEX), a benchmark assessment developed by S&P Global Platts of the spot price of physical iron ore – the key ingredient in steelmaking – the ore reached close to $115 per tonne in the last week of June this year. This was compared to $40 per tonne at the end of 2015.

Capital Drilling Ltd (LON:CAPD) provide complete exploration and production drilling solutions to customers within the global minerals industry, with a focus on the African markets.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.