Han Qing, an official at Chinese steel giant Shougang Steel Group, has revealed that the company is planning to acquire a high grade open-pit magnetite iron ore deposit located in West Africa in cooperation with US Global Investors, a mutual fund company based in San Antonio, Texas focused on gold, natural resources and emerging markets.
However, Shougang Steel has not yet disclosed the location of the deposit, which has estimated reserves of 1 billion mt.
At present, Shougang's annual production capacity of iron ore concentrate is approximately 17 million mt owing to its iron ore assets in Peru and Australia.
Shougang aims to acquire open-pit iron ore deposit in West Africa
Tags: Iron Ore Raw Mat China East Asia and Pacific West Africa Southeast Asia Far East Steelmaking M&A Shougang Steel
Similar articles
Brazilian iron ore exports decline by 19 percent amid less shipments to China in May 2026
05 Jun | Steel News
Iron ore in China slides nearer $100/mt CFR amid ample supply, expected drop in demand
04 Jun | Scrap & Raw Materials
S&P Global: Australia’s mineral exploration spending rises, while tax change raises concerns
03 Jun | Steel News
Brazilian high-grade iron ore price slips on increased transoceanic shipments
02 Jun | Scrap & Raw Materials