Top Biz News

China predicts 10b tons of iron ore reserves in Hebei province

(Xinhua)
Updated: 2009-12-26 16:14
Large Medium Small

Exploration work in the eastern region of North China's Hebei province shows potential iron ore reserves in this area is estimated to top 10 billion tons, the China Metallurgical Geology Bureau (CMGB) said Saturday.

A total of 3.44 billion tons of iron ore has been verified in five mines in the province, said Yan Xueyi, director with the CMGB.

Related readings:
China predicts 10b tons of iron ore reserves in Hebei province High spot iron ore prices baffle steel firms
China predicts 10b tons of iron ore reserves in Hebei province Refocus on Iron Ore Talks
China predicts 10b tons of iron ore reserves in Hebei province Billion-ton iron ore deposit found in N China
China predicts 10b tons of iron ore reserves in Hebei province China leads record iron ore spending

The discovery of this deposit would largely ease the shortfall in China's domestic iron ore supplies and contribute to a sound and sustainable development of the country's steel industry, according to Yan.

China imported 443.56 million tons of iron ore in 2008, bringing the country's reliance on imported iron ore to around 50 percent.

The country's steel mills suffered an unfavorable position during the annual iron ore pricing talks as overseas miners alliedto ask for a higher price.

Specials
Column
China Daily E-paper