China Railway Modern Logistics Technology Co. has announced that the first cargo of commercial grade iron ore from London-headquartered mining company African Minerals has arrived at Jingtang Port in China aboard the ‘Lowlands Phoenix' bulk carrier, with a total of 170,000 mt of iron ore.
In July 2010, China Railway Modern Logistics signed a contract with African Minerals to acquire a 12.5 percent stake in the company for a consideration of $244 million, becoming the second largest shareholder of African Minerals. In December 2011, African Minerals formally launched commercial operations at its iron ore project in Sierra Leone, Africa. The first iron ore cargo directed for China was loaded aboard the ‘Lowlands Phoenix' cargo ship on January 15 this year.
China Railway Modern Logistics Technology is a large Chinese state-owned logistics company, which is part of China Railway Materials Commercial Corporation.