China sets sights on Cambodian ore
The escalating prices of steel making raw materials prompted Beijing to consider developing
iron ore mines outside of the country in order to meet
China's domestic demand. The latest country to be targeted for
iron ore exploration is
Cambodia.
Representatives from
China's National Machinery and Equipment Group and two Cambodian companies inked an agreement to begin exploration works in
Cambodia's Preah Vihear province.
If the preliminary exploration yields profitable results, the two countries will pool their efforts to develop
Cambodia's first
iron ore plant.