Han Qing, an official at Chinese steel giant
Shougang Steel Group, has revealed that the company is planning to acquire a high grade open-pit magnetite
iron ore deposit located in
West Africa in cooperation with US Global Investors, a mutual fund company based in San Antonio, Texas focused on gold, natural resources and emerging markets.
However,
Shougang Steel has not yet disclosed the location of the deposit, which has estimated reserves of 1 billion mt.
At present, Shougang's annual production capacity of
iron ore concentrate is approximately 17 million mt owing to its
iron ore assets in Peru and Australia.