Hebei Steel gets Chinese approval for Canadian iron ore investment

Tuesday, 10 July 2012 14:22:03 (GMT+3)   |  
       

According to the Development and Reform Commission of China's Hebei province, Hebei-based Chinese steelmaker Hebei Iron and Steel Group has received approval from China's National Development and Reform Commission to invest in Canadian iron ore exploration company Alderon Iron Ore Corp.

In April of the current year, Hebei Steel signed an agreement to invest C$194 million in total in Alderon Iron Ore Corp. and its Kami iron ore project located in Labrador Trough, Canada in exchange for 19.9 percent of the outstanding common shares of Alderon and a 25 percent interest in a newly formed limited partnership that will be established to own the Kami project.

Hebei Steel will also have the right to buy 60 percent of the iron ore produced annually from the Kami project, once it goes into production.

The Kami project has proven reserves of about 1 billion metric tons of iron ore, with an expected annual output of 8 million mt after the launch of production in 2015.


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