Chinese company Beijing Jianlong Heavy Industry Group has held a groundbreaking ceremony for a new iron ore mining project at Sishanling, Benxi, Liaoning Province. The project is expected to cost a total investment of RMB 12 billion ($1.83 billion).
The project for the mine with 2.5 billion mt of proven iron ore reserves will be carried out in two phases. The first phase will be completed and start production in 2014, handling 15 million mt of iron ore each year, and producing 5 million mt of iron ore concentrate, with anticipated annual sales revenues of RMB 6 billion ($917 million). Meanwhile, the second phase will handle 30 million mt of iron ore a year, produce 10 million mt of iron ore concentrate annually, with sales revenues expected to reach RMB 12 billion ($1.83 billion) a year.