Wuhan Iron and Steel acquires shares of Bong Iron Ore Mine

14:20, March 16, 2010      

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Wuhan Iron and Steel and the China-Africa Development Fund (CADF) signed an agreement on the transfer of the CADF's stake in the Bong Iron Ore Mine as well as the "Strategic Cooperation Agreement on Mineral Resource Exploitation in Africa" in Beijing on March 12.

Located in the southwestern part of Bong County, Liberia, the Bong Iron Ore Mine is a large, open iron ore mine with a proven reserve of over 1.3 billion tons.

According to the agreement on the transfer of the CADF's stake in the Bong Iron Ore Mine, Wuhan Iron and Steel will acquire 60 percent of the stake in the China-Union Investment from CADF for around 68 million U.S. dollars, which will give Wuhan Iron and Steel the controlling stake in the Bong Iron Ore Mine. At the same time, the "Strategic Cooperation Agreement on Mineral Resource Exploitation in Africa" will pave the way for the establishment of an all-round cooperative relationship between Wuhan Iron and Steel and the CADF in exploiting mineral resources such as ferrous metals, nonferrous metals and coal in African countries.

By People's Daily Online
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