Chonggang Mining Company has inked a cooperation agreement with the authorities of Wushan County in central China's Chongqing Province concerning the development of the Wushan Peach Blossom hematite mine.
According to the development plan, the construction of the mine at Wushan Peach Blossom will begin in 2008. The results of exploration have shown that the total iron ore reserves of Wushan Peach Blossom are over 200 million mt. After the development of the mine is completed within five years, 1.5 million mt per annum of iron pellets are expected to be produced at the mine.