China leads record iron ore spending
China Daily | Updated: 2009-11-26 07:58
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Chinese steelmakers are developing projects to mine lower-grade ore, shunned by Rio and BHP. Bloomberg News |
MELBOURNE: CITIC Pacific Ltd, an arm of China's biggest State-owned investment company, is leading record spending on low-grade iron ore mines in Australia to profit from surging demand as well as to diversify supply.
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