Caixin
Aug 04, 2022 09:13 PM
BUSINESS

In Depth: China’s Plan to Break Foreign Iron Ore Dependence — Mine More at Home

On October 18, 2021, Lianyungang, Jiangsu, unloaded imported iron ore from cargo ships. Photo: VCG
On October 18, 2021, Lianyungang, Jiangsu, unloaded imported iron ore from cargo ships. Photo: VCG

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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