Hi all
This paragraph is interesting
NEWSLETTER|2 J U L Y 2 0 0 9
METALS & MINERALS
Chinese steelmakers looking for alternative iron ore suppliers
Chinese steelmakers are scrambling to secure alternative iron ore supplies as concerns mount
that the alliance forged between Australian mining giants Rio Tinto and BHP Billiton could
force up prices. Among the new ore suppliers now being courted are Canada's Adriana
Resources and Australia's Sundance Resources. The bid to secure new supply agreements
follows an announcement on June 5 that Rio had decided against a USD19.5 billion deal tieup
with Aluminum Corp of China, in favor of a new iron ore agreement with BHP. Under the
deal, Rio and BHP will jointly manage combined ore output of 270 million tons a year, almost
equal to the 340 million ton annual output of No 1 producer, Brazil's Vale. Adriana, which is
developing an iron ore port in Brazil and two iron ore projects in Canada, is expected to bring
in a Chinese steelmaker as investor in the next few months. Several Chinese companies also
expressed interest in investing in Sundance's Mbalam iron ore project in Cameroon, or buying
a stake in Sundance.
http://www.flanders-china.be/_documents/FCCC%20Sectoral%20Newsletter%20No%2041.pdf
cheers
berlinerbaer
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