Over 80 geological experts recently gathered in Hohhot, the capital of China's Inner Mongolia autonomous region, to discuss the development of the iron ore industry in the region.
The experts stated that by 2015 around five large and medium-sized deposits are likely to be discovered in the region, with about 10 such deposits expected to be discovered by 2018.
Since 2004, the government of Inner Mongolia has invested a total of RMB 339 million ($52 million) in geological exploration. As a result, it has discovered six large and medium-sized iron ore deposits, with proven reserves totaling 1.90 trillion mt of iron ore.