Liaoning Province-based Chinese private sector company Fangda Group has announced that it has signed an agreement with the local authorities in the county of Rucheng in Hunan Province regarding an integrated mining project at the Daping iron ore mine in the county, with investment expected to total RMB 1 billion ($158.544 million).
The project will be divided into three phases and is scheduled to be completed within five years. A processing plant which will produce iron ore concentrate, pellets and steel castings with an annual output capacity of 750,000 mt will be constructed in the 2012-16 period.