Sichuan-based Chinese steelmaker Pangang Group Steel Vanadium & Titanium Co announced that once the underground exploration project is completed, it will produce 2 million mt of iron ore per year, which could meet the demand for 32 years of production. On the other hand, more than 60 million mt vanadium-titanium magnetite ore would be explored.
However, back in September 2007, the company had only 6.3 million mt of iron ore reserves, enough to meet the demand for 4 years of production. Through great effort, its total excavation quantity has reached 9.5575 million mt as of the first half of 2010.
Lanjian Iron Ore Mine is an operating open pit iron ore mine in southwest China. It was put into production in 1970. It is controlled by Sichuan Province-based Chinese steelmaker Pangang Group.