On December 22, Inner Mongolia-based Baotou Iron and Steel held a contract signing ceremony for a new iron ore pellet project with a planned annual output of 3.6 million mt in the county of Guyang in Inner Mongolia.
Investment for the project totals RMB 1.4 billion ($0.21 billion), with 3 pellet production lines, each with an output of 1.2 million mt per year. The project design, initiation and approval work are planned to be completed in Q1, 2011. In Q2 2011, construction on the first production line. After the completion of the whole project, it will have sales revenues of about RMB 4 billion ($0.603 billion) and will provide 2000 jobs.