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Strategies & Market Trends : Booms, Busts, and Recoveries

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From: Haim R. Branisteanu	12/15/2009 12:25:28 PM
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Huge iron ore deposit found in China’s Hebei December 15, 2009 12:35:00 IST BEIJING (Commodity Online) : China on Tuesday announced the discovery of huge iron ore deposits in its Hebei province. According Metallurgical and Mine Corporation Association of China, a 1-billion-ton iron ore deposit was found in the northern part of the province. The deposit, located in Hebei's Luannan County, is the largest ever found in China since the 1980s. Besides the proven 1 billion tons, the unproved reserve is estimated at 500 million tons. Reportedly, Hebei Iron & Steel Group will take over and explore the iron ore deposit. This discovery is of great significance to Hebei Province, which is the biggest steel producer in China, and now faces short supply of iron ore. China is rich in iron ore resources. It is estimated that China's iron ore output will reach 1.1 billion to 1.2 billion tons by 2015

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