With miners feeling the sting from weak commodities prices the world over, one is turning to a new avenue to make a profit: eggs.
Following in the wake of a number of smaller exploration and junior miners whose companies were used as backdoor listing vehicles for medical marijuana, Century Iron Mines Corp has turned to the burgeoning food market, namely, eggs.
“Australia is going from mining to dining,” Century CEO Sandy Chim told Bloomberg, as the company developed a new arm of the business dubbed Century Food.
“As a supplier of commodities to China from the rest of the world, we see this as a logical extension because of our networks and talent there,” Chim said.
The miner plans to distribute eggs produced by Sunny Queen, in Queensland, to Hong Kong and Macau.
It has invested more than a million dollars in the new business, utilising capital originally slated for Century’s Joyce lake project in the Canada.
The move out of mining is little surprise for the market, as a continually weak iron ore price coupled with a global oversupply of the metal squeezes junior operators out of the sector.
For some operators the market is even reacting positively to their new ventures, with All Ore Mineracao SA in Brazil seeing a 70 per cent spike in its share price after it announced its intention to move away from iron ore and in to cosmetics.
While a small surge in the price was seen earlier this month, forecasts remained grim for iron ore’s future.