The Development and Reform Commission of
China's Hebei Province has approved Chinese steelmaker Hebei Iron and Steel Group's
mining project for the Hongshan
iron ore mine in Hebei.
Total investment in the Hongshan
iron ore is expected to reach RMB 369.96 million ($57.987 million). The mine's reserves amount to 34.6210 million mt, while the targeted annual
iron ore output is 1 million mt, with an annual
iron ore concentrate output of 307,700 mt. The mine is located near
Hebei Steel Group's Bangmoshan
iron ore mine which is nearly exhausted after 23 years of
mining.