Major Chinese steel producer Hebei Iron and Steel Group is expected to complete the injection of several iron ore and related assets into its listed subsidiary Heibei Iron and Steel Co. Ltd by the end of the current year, as reported by Chinese media sources. Hebei Steel Group had initially announced the move in question in November 2011.
Accordingly, the Sijiaying, Heishan, and Shirengou iron ore mines are to be injected into the listed subsidiary before December 31, 2012, with the total iron ore reserves involved amounting to over 1 billion mt and with a total annual iron ore concentrate output capacity of over 7 million mt.
Hebei Steel Group currently controls 5 billion mt of iron ore reserves in the domestic market. When the Sijiaying iron ore mine begins operations, it will be the largest iron ore mine in Asia with an annual ore output of 15 million mt and annual iron ore concentrate production of 4.8559 million mt with 66 percent iron content.