Global miners keen to tap Chinese market
By Du Juan in Boao, Hainan | China Daily | Updated: 2013-04-08 07:59
Global producers said they will continue to invest in China because the country's urbanization and industrialization will continue to support iron ore demand.
Fortescue Metals Group Ltd, Australia's third-biggest iron ore producer, will invest $10 billion to expand its iron ore production capacity to meet the growing demand mainly from China, said the company's CEO Neville Power on Sunday during the Boao Forum for Asia Annual Conference held in South China's Hainan province.
He said FMG will have 155 million metric tons of production capacity by the end of 2013 and up to 90 percent of the output will supply the Chinese market.
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