China Railway Materials’ iron ore supplies rise by 15 million mt from 2011

Tuesday, 11 January 2011 09:43:23 (GMT+3)   -  
SteelOrbis News

Beijing-based Chinese railway supplier China Railway Materials Co., Ltd. will see an increase of 15 million mt in its annual iron ore supplies from the beginning of 2011.

In the first half of 2010, China Railway Materials acquired a 12.5 percent stake of London-based African Minerals Limited, at a cost of $244 million, becoming the second largest shareholder in the latter company. In addition, China Railway Materials invested AU$39.8 million to acquire respective 11.38 percent and 12 percent stakes in Australia-based iron ore miners United Minerals Corp. (UMC) and FerrAus Ltd.

Song Yufang, president of China Railway Materials Co., Ltd, announced recently that it is expected that the company will be listed on Shanghai Stock Exchange and Shenzhen Stock Exchange at the end of this year or the beginning of next year. Song Yufang also disclosed that China Railway Materials is scheduled to raise RMB 10-12 billion ($1.5-1.8 billion) in funds in 2011.

In 2010, China Railway Materials realized a sales volume of around 21 million mt of steel products, with an operating revenue of RMB 153 billion ($23 billion) up from RMB 105.1 billion ($15.8 billion) in 2009.

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