According to Chinese giant steelmaker Hebei Iron and Steel Group, the new comprehensive iron ore production base to be built in the east of Hebei Province by its subsidiary Hebei Iron and Steel Group Mining Co. and Shougang Mining Investment Co. is to receive special subsidies from the Chinese central government in the next five years worth up toRMB 500 million ($78.99 million).
The construction of the iron ore production base includes the Tangshan, Qinhuangdao and Chengde iron ore districts in Hebei Province, will involve six major construction projects, and targets a capacity of 697.22 million metric tons of iron ore. Construction is expected to be completed in 2015, with the base expected to have the largest annual iron ore output in China and also in Asia.