Hubei Province-based Chinese steelmaker Wuhan Iron and Steel Co. (WISCO) expects to receive its first shipment of iron ore from Canadian miner Consolidated Thompson Iron Ore Mines Ltd (CLM) in June of this year.
In July 2009, WISCO purchased 45.20 million shares of CLM for a total of US$240 million, becoming the largest shareholder in CLM. Three CLM-owned mines are involved in this cooperation with WISCO, with total resources amounting to 2.3 billion mt, and with an annual capacity of 4 million mt of high grade iron ore concentrate.
Wuhan Iron and Steel intends to achieve its target of self-sufficiency in iron ore supply within three to five years. Currently, the company's self-sufficiency in iron ore stands at 20 percent.