Chinese iron ore output to exceed 1 billion tonnes in 5 years
Last Update: 23/11/2010 13:16:37 ArabSteel - Xinhua reported that the shortage of iron ore supplies in China is expected to ease gradually with more domestic mineral discoveries and overseas mining acquisitions. Mr Zhou Zhongshu president of China Minmetals Corp at the China Mining Conference and Exhibition said China iron ore output was expected to exceed 1.3 billion tons within three to five years. He said that domestic iron ore supplies had been rising for the last two years. Mr Zhou said Chinese mining companies were also seeking overseas acquisitions to ensure supplies. He said that stakes in overseas iron ore mines including those under construction, translated to an annual output of 190 million tonnes accounting for 30% of the country imports. China Minmetals Corp is the largest iron and steel trader in China. The Beijing based company is engaged in the production and trading of metals and minerals including copper, aluminum, tin, lead, zinc and nickel.
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