NDRC approves two overseas acquisitions of WISCO

16:50, May 24, 2010      

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Wuhan Iron and Steel Group's (WISCO) two overseas acquisitions have been approved by the National Development and Reform Commission (NDRC). The two deals will contribute over 2 billion tons of iron ore deposits for the WISCO.

The open ore mine in the Soalala region of Madagascar, jointly owned by three mainland and Hong Kong companies, covers more than 430 square kilometers. WISCO has acquired the exploration and production rights and holds 42 percent of the shares.

WISCO signed two official documents with the China-Africa Development Fund on March 12 to confirm the payment of 68.5 million U.S. dollars for acquisition of 60 percent of the funds shares in Liberia. WISCO will formally join the Liberia iron ore project as the investor and acquire interest-controlling rights, of which 1.3 billion tons of mineral resources are detected in this large open ore mine.

By People's Daily Online

(Editor:祁澍文)

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