Hebei Iron OK'd for overseas investment
Updated: 2012-07-09 09:41
SHIJIAZHUANG -- Hebei Iron & Steel Group Co, China's largest steel plant by output, have received greenlight from the nation's top economic planning agency for its interest purchase in a Canadian iron ore project, local authorities said Sunday.
The investment has gained approval from the National Development and Reform Commission, the Hebei provincial development and reform commission said in a statement.
Earlier in April, Hebei Iron & Steel signed an agreement to acquire a 25 percent interest in the Kami project of Canadian Alderon Iron Ore Corp.
Upon acquisition, Hebei Iron & Steel can buy 60 percent of the annual output from the Kami project with a discount and has the option to purchase more without such discount.
The Kami project has a proven reserve of about 1 billion metric tons. It is expected to have an annual output of 8 million tons after being put into operation in 2015.
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