Inner Mongolia-based Chinese steelmaker Baotou Iron & Steel Co. (Baogang) has inked a strategic agreement with Shandong Province-based Zhongrun Resources Investment Incorporated Company (Zhongrun Resources) to develop cooperation in iron ore procurement, pipeline construction and mining operations.
Accordingly, Baogang will purchase iron ore products from Zhongrun Resources every year, with the specific volume to be based on the annual purchase contract signed by both parties. In addition, Zhongrun Resources plans to construct a pipeline from its mines in Mongolia to Erenhot port in Inner Mongolia, China, while Baogang will provide support for the construction and supply required materials.