SteelOrbis Shanghai
China's major
iron ore importer Sinosteel Company is holding negotiations to purchase a 70 percent stake in an Austrialian mine which is owned by Grange Resources Ltd.
Sinosteel General Manager Cui Xiaofei said that Sinosteel would become less dependent on
iron ore giants such as
Rio Tinto,
BHP Billiton and CVRD if it cooperates with medium and small companies like Grange Resources.
According to Cui Xiaofei, Sinosteel is also seeking cooperation with Brazilian companies and negotiating with Australian
Rio Tinto for the Channor mine in
Australia.
Last year, Sinosteel had become a partner of Midwest Company for Weld Range and Koolanooka mines of
Australia.