Anshan Iron and Steel Group has received approval from the National Development and Reform Commission for its largest ever expansion project. The project covers the developing of three new iron ore mines, expanding the current seven iron ore mines and renovating tailing mines. Total investment on the project will reach CNY 18.6 billion.
Anshan Steel said the company’s annual iron ore output will reach 69.5 million tonne by 2015 and 101 million tonne by 2020, annual iron ore concentrate output will reach 23 million tonne by 2015 and 30 million tonne by 2020. Anshan Steel will become 75% self sufficient in terms of iron ore supplies by then.
An industry analyst said that “Currently China’s dependence rate of imported iron ore still remains at 60%, the government is eager to develop both domestic and overseas mines in order to get pricing right for iron ore and protect the benefits of domestic steel companies.”