Web Exclusive

China to form 100m-ton-level iron ore miners

By Hao Yan (chinadaily.com.cn)
Updated: 2011-04-18 16:30

China will forge two or three iron ore mining groups – each with output capacity of 100 million tons – and six big groups with 30 million tons of capacity, News.cn reported Sunday.

Related readings:  Angang Steel cuts main product prices for May  Jinan Steel proposes new merger plan

The country will also build numerous iron ore enterprises with capacities in the tens of millions of tons, according to the report, citing secretary-general of Metallurgical Mines' Association of China Lei Xiping.

China has indentified iron ore reserves of 71.4 billion tons through the end of 2010. And the industry will increase its exploring efforts to find 20 billion tons of new iron ore reserves in the next five years, Lei Xiping said Saturday at the Seventh Conference on Development Strategy of Iron and Steel Industry.

Overseas iron ore mines in which China has invested may produce 90 million tons in 2011, up from 60 million tons in 2010. They have a potential of 200 million tons a year, Lei said. Those overseas mines will contribute 40 percent to China's total iron ore imports and reduce the country's reliance on iron ore exporters.