Chongqing Steel steps up on iron ore mining
July 1, 2008
July 1st (Steel Guru) – It is reported that since the hike of international iron ore price, five enterprises in the city of Chongqing including Chongqing Iron & Steel Group invest CNY 200 million together to build Chongqing Steel Resources Company Limited in order to exploit Taohua Iron Mine in Wushan County. Iron ore reserves in Taohua Iron Mines are over 100 million tonnes.
With a total investment of CNY 1.4 billion, the project is expected to be commissioned in 2012.
Meanwhile, Chongqing Steel signed an agreement with Shaanxi Ankang Iron Mine and the company would purchase 1.5 million tonnes to 2 million tonnes of iron ore concentrate from the mine.
At the same time, Chongqing Steel is accelerating the exploitation of Chongqing Qijiang Iron Mine and Banan Jielong Iron Mine.
In the coming years, Chongqing should be able to explore more than 5 million tonnes of iron ore each year by itself, taking over 50% in total demand.