China will achieve a self-sufficiency ratio of domestic ore of more than 50% by 2015, and moderately enhance Chinese-invested overseas ore resources, Zhang Changfu, Vice Chairman of the China Iron and Steel Association (CISA), said. CISA earlier said China currently owns less than 10% of the imported iron ore and urged the country to increase ore imports from Chinese-invested resources. China has overseas mining resources capable of producing 150 million tons of ore annually, but most of the mines have yet to start production. About 60 million tons of imported iron ore came from mines that had Chinese investment in 2010. China aims to break the grip of the three major global miners ―Vale, Rio Tinto and BHP Billiton ― which controlled 62% of the world’s seaborne iron ore market in 2010. Shougang Co is working with a U.S. investment company to acquire an open pit magnetite iron ore mine in Western Africa, estimated to hold 1 billion tons of deposits and also plans a USD1 billion iron ore mine expansion in Peru. Baosteel Group is also actively seeking to develop iron ore mines in Africa. Investments in mining due to rising ore prices resulted in huge production expansion. Neville Power, CEO of Fortescue Metals Group, said he expects iron ore prices to remain high until 2012 with new supplies entering the market in 2013, the China Daily reports.