Chinese miners explore foreign mines

09:04, November 22, 2010      

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Chinese companies are stepping up efforts to take advantage of foreign mines, while boosting their own domestic supply. With mergers happening in the domestic steel industry, companies are hoping that pressure on iron ore supplies will be eased gradually.

In the first three quarters of 2010, total investment in exploring minerals in China reached 27 billion yuan, an increase of 20 percent from a year earlier. Domestic iron ore production increased around 26 percent to 780 million tons in the first three quarters from a year earlier. Quantity of iron ore imports dropped 2.5 percent to 458 million tons in the same period.

Analysts say rising imported ore prices in China are encouraging Chinese miners to form partnerships with overseas mines.

Shao Yi, Director of East China Geological Exploration Bureau said "Now we are negotiating with some Brazilian mining companies. We have closed one deal and that's in cooperation with Wisco."

Zhou Zhongshu, CEO of China Minmetals Co. said "Our domestic supply will reach 200 million tons in two years, imported iron ore is 400 million tons. This ratio will help balance iron ore prices."



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