China-based Sinosteel Group plans to invest $660 million in the Lobe
iron ore project in
Cameroon, according to media reports. The company will get a production license soon, having finished the feasibility studies on the project.
Sinosteel is expected to get exploitation rights for 25 years and annual production volumes of 4 million mt, 15 percent of which will be processed locally.
In November this year, Sinosteel stated that it was considering a partner for its Lobe
iron ore project in
Cameroon.