China to establish large iron ore mining groups
April 3, 2014 Category Automotive Metals & Minerals, Minerals
China plans to establish a large mining conglomerate focusing on iron ore extraction and smelting operations led by Liaoning-based Ansteel Group, the China Metallurgical Mining Enterprise Association said in a statement. “Ansteel Group will acquire a number of mining enterprises to complete the integration work over the coming years and eventually possess an annual iron ore production capacity of 200 million metric tons in 2025,” said Shao Anlin, Deputy General Manager of Ansteel Group. In the meantime, up to eight large mining groups will also be integrated and established throughout China. Each individual group’s production capacity of iron ore will exceed 30 million metric tons a year after a decade. China is the world’s fourth-largest iron ore producer with more than 70 billion metric tons of resources, but the nation’s dependence on foreign iron ore rose to 70% last year. The country’s domestic steel industry has spent more than CNY2 trillion on paying high prices for iron ore from the global market over the past 10 years. To optimize the resources of domestic companies, the Ministry of Industry and Information Technology (MIIT) is working with related government departments and industry associations to draft a plan to restructure China’s iron ore sector between 2016 and 2025. China’s iron ore imports amounted to 820 million metric tons in 2013, up 10.2% from a year earlier, while China produced 1.4 billion metric tons of iron ore in the same year. “With profound changes in the world market, it is time for China to strengthen its competitive power to secure its iron ore supplies and stabilize its price in the world market,” said Zhao Zhihua, Analyst at the mineral resource department of CITIC Metal Co in Beijing.
- KURT VANDEPUTTE (UMICORE) APPOINTED CHAIRMAN OF THE BOARD OF THE FLANDERS-CHINA CHAMBER OF COMMERCE (FCCC)
- Webinar: “Knowing Your Chinese Partner” – May 26, 2021, 10 am – 12 am
- EMA starts rolling review of CoronaVac, WHO approves Sinopharm vaccine for emergency use
- The Global Times warns not to politicize the Comprehensive Agreement on Investment (CAI)
- Hainan to become biggest duty-free market in the world