Northern Chinese steelmaker Hebei Iron and Steel Group has stated that China's Ministry of Land and Resources has officially approved a plan by the Hebei provincial government for the transfer of assets from Macheng Iron and Ore to Hebei Iron and Steel.
Macheng iron ore mine has proven iron ore reserves of 1.044 billion mt and prospective reserves of 500 million mt, with average iron ore content of 34.89 percent. The mine in question is the largest single iron ore deposit discovered in China since the 1980s.