Chinese steelmaker Tianjin Iron and Steel Corporation Ltd (Tianjin Steel) has inked an iron ore purchase agreement with Hainan, China-based iron ore miner Hainan Mining Corporation Ltd (Hainan Mining).
According to the agreement, Hainan Mining will supply an annual volume of 450,000 mt of iron ore to Tianjin Steel from the beginning of 2011 to the end of 2015, for an estimated aggregate contract volume of 2.25 million mt of iron ore.
Hainan Mining has proven reserves of 270 million mt of iron ore, with an annual iron ore production of 4.6 million mt.