Chinese, Australian Firms Sign Deal for Iron Ore Mining Project

Home>>Business

Last updated at: (Beijing Time) Monday, July 01, 2002

Chinese, Australian Firms Sign Deal for Iron Ore Mining Project

DISCUSSION

CHINESE

SEND TO FRIEND

Shanghai BaoSteel Group Corporation (SBGC) has recently established a joint venture, a mining company with Australia's HAMERSLEY.

As Xinmin Evening Newspaper reported it took one year to finish all procedures for the establishment of the Bao Rui Ji Steel Company. According to the agreement, SBGC is Chinese investor with an investment of 46 percent of the total input of 120 million $A, and the Australian party, 54 percent. The period for cooperation is 20 years. The newly established company possesses 200 million-ton of iron ore to mine with an annual production of 10 million tons.

The duration of the Sino-Australian joint venture will be 20 years.

The joint venture plans to produce 10 million tons of iron ore each year in two mining areas in Western Australia from May 2004.

The iron ore produced from those areas will mainly supply Baoshan and other Chinese buyers, according to the deal.

Known iron ore reserves in the two areas total 200 million tons.

Last year, the Baoshan group established a joint venture with Brazilian company CVRD to mine iron ore in Brazil, which is also rich in the resource.

By PD Online Staff Yang Ruoqian

Questions?Comments? Click here

China, Switzerland, Norway Appoint Panel to Review US Tariffs

Chinese Steel Giant Wins US Anti-dumping Charges

Englishman Hired as Chief Advisor of Yunnan Provincial Government ( 74 Messages)

Mysterious Pipes Left by "ET" Reported from Qinghai ( 8 Messages)

Premier Zhu Discusses Economic Issues with Experts ( 2 Messages)

Uncle Sam's Policy to Cross-Straits Ties against Its Own Interests ( 46 Messages)

China Strikes Hard on Drug Crimes ( 4 Messages)

China to Boost the Service Sector to Create More Jobs ( 7 Messages)