Shandong Steel Invests in African Minerals Mine

(Beijing) – Shandong Iron and Steel Group, one of China's largest state-owned mills, has agreed to invest US$ 1.5 billion in African Minerals in an aim to expand its access to iron ore assets in Africa.

According to African Minerals, Shandong Steel will invest US$ 1.5 billion to the miner's Tonkolili project. The Wall Street Journal reported that the investment will grant Shandong Steel a 25 percent stake in Tonkolili, which has a total value of US$ 6 billion.