China sets sights on Cambodian ore

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.