Luo Yongjun, vice-general manager of Sinosteel Mining Co., a subsidiary of Beijing-based state-owned Chinese raw material processing company Sinosteel Corporation, has expressed the willingness of Sinosteel to jointly develop its Lobe iron ore project in Cameroon with another potential investor.
Sinosteel acquired the Lobe iron ore mine in 2008 and holds a 97.5 percent stake in the mine. The first phase of the project is expected to achieve an annual output of 10 million mt. Mr. Luo said Sinosteel would decide the nature of cooperation in the project depending on the company which would be interested in participating.