Sinosteel seeks more mines in Australia

SteelOrbis Shanghai China's major iron ore importer Sinosteel Company is holding negotiations to purchase a 70 percent stake in an Austrialian mine which is owned by Grange Resources Ltd. Sinosteel General Manager Cui Xiaofei said that Sinosteel would become less dependent on iron ore giants such as Rio Tinto, BHP Billiton and CVRD if it cooperates with medium and small companies like Grange Resources. According to Cui Xiaofei, Sinosteel is also seeking cooperation with Brazilian companies and negotiating with Australian Rio Tinto for the Channor mine in Australia. Last year, Sinosteel had become a partner of Midwest Company for Weld Range and Koolanooka mines of Australia.