Hebei Steel Group to invest RMB 48.2 billion in iron ore mines in Tangshan

Major Chinese steelmaker Hebei Iron and Steel Group has stated that in China's 12th five-year plan period (2011-2015) it will invest RMB 48.2 billion ($7.473 billion) in iron ore mines in the area of the city of Tangshan in Hebei Province, China, providing 11,080 new jobs.
 
It is estimated that the overall annual revenues of iron ore mines in Tangshan will amount to RMB 30 billion ($4.658 billion) by the end of China's 12th five-year plan period, while annual profits from the mines are expected to total RMB 8.6 billion ($1.335 billion) at the end of the given period.