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The deposit has 2.37 billion tonnes of resources, the report said.
The magnetite ore body runs over 10km in length and 100-1,000 metres in width, the ECE said on its website.
“African iron ore resources will replace those from India, but the question is who would invest in a project like this now that iron ore prices have plunged,” an iron ore trader in Shanghai said.
“Mining projects in Africa are usually very expensive due to poor infrastructure and the great difficulty in getting local government support as well,” he added.
The ECE is mainly focusing on base metal exploration in China but has expanded its presence overseas in Namibia, Australia, Indonesia, and Iran.
