Liaoning Province earmarks iron ore for Anshan

Liaoning Province earmarks iron ore for Anshan

The dramatic rise in global iron ore prices prompted China's Liaoning Province Land and Resources Office to reportedly allocate 1.646 billion tons of iron ore deposits to Anshan Iron and Steel Company. The deposits, situated in four different mines, would meet Anshan Iron and Steel Company's estimated needs for 100 years at current capacity. Liaoning Province invested RMB 122 million ($14.74 million) over the past two years in exploration works. The explorations turned up several rather large reserves.