Chinese steelmaker Anshan Iron and Steel revealed that its renovation and expansion project for its old mine has been approved by China's Ministry of Industry and Information Technology.
In the relevant statement, MIIT said, "The old mine renovation and expansion project should comply with the steel industry development policy and should be based on the mine's potential for advantageous resource utilization so as to ensure the enterprise's continuous development."
The proven reserves in Anshan Iron and Steel's surrounding area are above 8.8 billion mt, and the potential reserve amount reaches 17 billion mt, i.e., 13.04 percent of the total national proven reserves.
The new project implementation will help Anshan Iron and Steel reach an iron ore output of 62 million mt by year 2015 with iron ore concentrate output reaching over 18 million mt, up 17 million mt and 30 million mt respectively compared with the present capacity. In 2020, iron ore output will reach 92 million mt, double the present capacity.