Senegal offers China huge iron ore deal

11:27, April 15, 2010      

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As negotiations with the world's top three iron ore companies continue to drag on, the African country of Senegal is offering to sale 3.5 billion tons of iron ore reserves to China, presenting an opportunity for China's steel enterprises.

On April 13, 2010, dubbed "Senegal-China Business Cooperation Day," Senegalese senior officials and presidents of many companies presented projects seeking investments from China's state-owned and private companies, and an iron ore project is one of them.

According to a survey done by an iron ore company in Senegal, the country's iron ore reserves have reached 3.5 billion tons with iron content of up to 63%. There is also as much as 3.5 billion tons of potential magnetite.

In the past, more than 90 percent of foreign investment in Senegal came from France, while at present the proportion of investment from France has dropped to about 50 percent.

"With China's growing economic strength, and the increasing trade between Senegal and China, we can no longer ignore the power of China, and we are eager to win the support of China," said Karim Wade, Senegalese Minister of State. "Chinese enterprises would be welcome to invest in Senegal if they can comply with the local laws and customs.

Industry experts say that while Senegal's iron ore reserves are only one-tenth of those held by major iron ore exporters such as Australia and Brazil, this visit still is still a good sign in light of iron ore talks, which are currently at a standstill.

By People's Daily Online


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