Fangda Special Steel to purchase two more iron ore companies
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Following the announcement on February 2 of its purchase of five iron ore companies in Jiangsu Province for RMB 67.98 million ($9.96 million), on March 25, Chinese special steel producer Liaoning-based Fangda Special Steel announced that it is planning to purchase two more mining companies, based in Benxi, Liaoning Province, acquiring 100 percent of stock. The two mining companies in question have a total capacity of 750,000 mt of iron ore concentrate and are expected to have an additional capacity of 300,000 mt after the launch of new production lines under construction.
As disclosed by Fangda Special Steel, the two mining companies are Man County-based Tongda Iron Ore Concentrator Co. and Henghui Iron Ore Concentrator Co. With its own mining license, Tongda has recoverable reserves of 35,093,600 mt of iron ore (30.35 percent Fe). It is expected that the recoverable reserves may have an additional 18 million mt after expansion. Tongda has an iron ore concentrator with three production lines producing 300,000 mt of iron ore concentrate annually. It is noticeable that Tongda is preparing two new production lines which are expected to be commissioned by July or August this year. After the launch of the new lines, Tongda will have an annual capacity of 600,000 mt of iron ore concentrate.