According to Beijing-based Chinese steelmaker Shougang Group, after its underground Xingshan iron ore mine was put into production at the end of July last year its daily iron ore output exceeded 10,000 mt, whereas its designed annual output capacities of iron ore and iron ore concentrate are 3.2 million mt and 1 million mt respectively. Based on current prices of iron ore, the annual profits of the mine may exceed RMB 400 million ($63.59million).
In 2011, the sales revenue of Shougang Mining Co. totaled RMB 21.24 billion ($3.377 billion), while it recorded a net profit of RMB 640 million ($101.75 million), exceeding its targets for the year by 16.5 percent and 25.5 percent respectively. Meanwhile, its iron ore concentrate production for the year totaled 4.8066 million mt.