On April 8, Lanxian Mining Co. held a signing ceremony for the delivery of a grinding machine for the Yuanjiacun iron ore mine project of Shanxi-based Chinese steelmaker Taiyuan Steel. The delivery of the machine serves as an indication of the progress made so far in the mining project in question.
The project, which broke ground in July 2008, is the biggest iron ore project in China with a total investment of nearly ten billion RMB. The iron ore mine, with a total mining volume set at 85.80 million mt per year, is expected to produce 7.418 million mt of iron ore concentrate per year. Construction of the project is scheduled in mid-2011. The launch of production will ensure a stable iron ore base for Taiyuan Steel will help relieve the Chinese steel industry's needs for from import iron ore to some extent.
Taiyuan Steel states that it is aiming to build Yuanjiacun iron ore mine into the largest and most competitive modern mine in China.