China's largest state-owned steel company, China Baowu Steel Group Corp Ltd, has announced plans to expand its overseas presence to increase its share of global iron ore mining operations. Baowu Steel Group Chairman Chen Derong said he chose an overseas target. He said:
“The company will team up with other steel producers and jointly create a mine development fund that will supply iron ore at an estimated cost, insurance and freight costs of approximately US $ 40 per tonne. The company will team up with other major manufacturers to create a purchasing platform to lower costs. "
He added: "The sharp rise in iron ore prices during 2019 was painful for the industry and that international iron ore producers were making big profits, while the average price of iron ore imports to China rose to $ 90 per tonne."
The Baowu Group owns several overseas mines. The Baosteel Group has established a joint venture with Bao Ruiji Iron Mine and Australian Hamersley Iron Pty. Ltd. and has also established projects with the Australian mining company Fortescue Metals Group Ltd.
Baowu Steel Group in search of iron ore
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Azovpromstal® 21 January 2020 г. 10:54 |
