hebei steel seeks to finance aurox project, page-12

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Hebei Steel to join Aurox iron ore project - 26 Oct, 2008
It is reported that China’s Hebei Iron and Steel Group is planning to cooperate with Australian iron ore prospector Aurox Resources, in a 6 million tonne iron ore project.

As per report Aurox is a prospector with iron ore reserve of a half of billion tons. The project will start construction early next year and expects to start production by the end of 2009. The new miner will have annual capacity of 6 million tonnes of iron ore after construction is completed.

Hebei Iron and Steel Group was formed in June through the merger of Tangshan Iron and Steel Group and Handan Iron and Steel, China's No. 3 and No 11 steel makers, with the aim of overtaking Baosteel as China's top steel producer.