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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (20734)	6/2/2008 10:59:01 PM
From: LoneClone	Read Replies (1) of 194541

Taigang to invest US$1.3 billion in iron ore mine mining-journal.com Shanxi Taigang Stainless Steel Co, China`s largest stainless steel mill, and its state-owned parent will invest about 8.8 billion yuan (US$1.27 billion) to develop a large iron mine, Taigang said. The mine, in northern China`s Shanxi province where the company is based, will have the capacity to produce 7.5Mt of high-quality iron ore concentrate a year, the company said in a statement. Chinese steel mills are keen to develop domestic and overseas iron ore deposits in order to secure raw material supplies and ease their dependence on the world`s major miners, such as Rio Tinto, BHP Billiton and Vale. Taigang said it will establish a joint venture for the project with its parent, Taiyuan Iron and Steel Group, and will hold at least a 35% stake in the venture.The mine will supply more than 2.6Mt of iron ore concentrate to Taigang a year, it added.

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