Chongqing Steel completes share transfer for Australian iron ore project

According to the statement issued by Chongqing City-based Chinese steelmaker Chongqing Iron and Steel Group Corporation Ltd. (CISC) on October 25, Chongqing Steel will officially complete transfer of shares on October 26 for its acquisition of an Australian iron ore project, following approval from both the Chinese National Development and Reform Commission and also from the Australian authorities. In November 2009, Chongqing Steel agreed to invest $258 million to acquire Asian Iron and Steel, the holding company of Australia-based Istan Xin Hill iron ore project, According to the agreement, Chongqing Steel will own total iron ore reserves of 1.78 billion tons. Upon the project commissioning in 2012, the production capacity will reach 10 million tons of magnetite concentrate of high purity.