In Depth: China’s Plan to Break Foreign Iron Ore Dependence — Mine More at Home
The creation of China’s new state-owned iron ore giant — built to consolidate the nation’s mining investments and coordinate purchases of the key steelmaking input — is being felt everywhere from Simandou to Sydney.
The idea is that China Mineral Resources Group, founded on July 19 with registered capital of 20 billion yuan ($3 billion), will centralize purchasing for state-owned steelmakers and traders to create a unified front in negotiations with foreign suppliers. It will also house overseas mining assets.
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