November 21, 2008

Angang claims of sufficient iron ore linkages

It is reported that Liaoning Province based Angang has stored up sufficient resources of iron ore.

Angang has 8.9 billion tonnes of proved iron ore reserves in Anshan and Liaoyang nearly a quarter of the nation's total. In the meantime it had participated in mining in Australia as early as in 1990's. It tied up with Gindalbie Metals on the Karara project in 2006 and then took a stake in Gindalbie the next year.

As per report, Angang Mining Corporation sets two targets:
1. 22.3 million tonnes iron concentrate output to post a leading position at home
2. 40 million tonnes iron concentrate output

In 2007 Angang output of pig iron and crude steel both topped 16 million tonnes. Yet, the ongoing expansion of steel scale currently three bases: Anshan, Bayuquan and Chanyang will pose increasing demand for iron ore resources and it's a big element whether iron ore supply can keep up with Angang's growth and the plan to vault into fortune 500.

(Sourced fro MySteel.net)