Chinese privately-owned Liaoning Province-based company Fangda Group has announced that it will invest RMB 1 billion ($ 0.15 billion) to develop the Tianzishan iron ore mine located in the village of Baizhu near the city of Pingxiang in Jiangxi Province.
Accordingly, Fangda Group will invest RMB 1 billion ($ 0.15 billion) to establish a joint venture called Tianzishan Iron Mine with local miner Baizhu Junong Mining in order to develop the mine in question. Fangda Group is aiming to produce an annual volume of 100 million mt of iron ore fines by 2015, with an annual output value of RMB 1 billion ($ 0.15 billion).