Hebei Province-based Chinese steelmaker Hebei Iron and Steel Group has announced that its subsidiary Hebei Iron and Steel Group Mining Co. has received special funds worth RMB 15 million ($2.4 million) from the Chinese central government for its Qian’an Hongshan iron oremining project and its Chengde Heishan iron ore underground mining project.
The Hongshan iron ore mine has total reserves of 34.621 million mt, while the targeted annual iron ore output of the project is 1 million mt, with an annual output of 307,700 mt of iron ore concentrate of 67 percent iron content.
With a total investment of RMB 250 million ($4 million), Hebei Steel Mining Co. is converting its Chengde Heishan iron ore open mine to underground mining. The anticipated annual iron ore concentrate output from the underground mine is 650,000 mt.
Hebei Steel Mining Co. stated the special funds are intended to help speed up the two projects.