The development and reform commission of China's Shanxi Province has announced that local trading firm Shanxi Minmetals Industrial and Trading Co., Ltd (Shanxi Minmetals Industrial and Trading) has received approval from China's National Development and Reform Commission (NDRC) for its new iron ore project in the southern state of Jalisco in Mexico.
The project, which will involve both open-pit and underground mining, has estimated total reserves of 58.8 million mt of iron ore, with an annual iron ore output of 1.45 million mt.
Shanxi Minmetals Industrial and Trading signed the agreement to purchase the Mexican project in September 2009, and has since obtained mining rights and enviromental approvals.
Shanxi Minmetals Industrial and Trading mainly exports coke and bauxite, and also processes imported materials including manganese ore, chromium ore and iron ore and exports the processed products. Shanxi Minmetals Industrial and Trading is the third largest coke exporter and fourth largest bauxite exporter in China.