Zhu Jiming, chairman of Chinese steelmaker Shougang Group and vice chairman of the China Iron and Steel Association (CISA), has stated that China plans to more than double its annual supplies from captive overseas iron ore mines from the current 60 million mt to 150 million mt by 2015. He made his remarks on December 9 at a forum on iron ore held by the China Metallurgical Industry Research and Planning Institute.
According to research carried out by the institute, in 2011 Chinese companies’ overseas captive iron ore resources exceeded 38 billion mt, but supplies from the captive overseas iron ore mines constituted less than 10 percent of China’s total iron ore import volume.
Meanwhile, Wang Jianjun, an official at China’s National Development and Reform Commission (NDRC), stated that West Africa, Canada and Western Australia are the three main overseas iron mining areas in which Chinese enterprises have shown interest, investing in over 17 projects with capacities exceeding 10 million mt. Mr. Wang stated that he hoped Chinese enterprises would cooperate with each other to improve investment ability and share risks.