ANS : will we fold or fly?, page-231

China has formally established a dedicated iron ore company that aims to give Beijing more negotiating power over Australian prices.

The new company, China Mineral Resources Group, has a registered capital of 20 billion yuan ($4.3 billion), according to information from Chinese company registration service Tianyancha.

Tianyancha indicated the company would oversee activities such as mining, ore processing and trading agents.

Perhaps most significantly, China Mineral Resources Group would be tasked with purchasing iron ore on behalf of Chinese steel producers, which is being considered an attempt to gain long-term leverage in its commercial negotiations with Australian exporters.

The company will be headed by outgoing chair of Chinalco, the state metals giant and largest shareholder of Rio Tinto.

https://www.australianresourcesandinvestment.com.au/2022/07/22/bhp-not-worried-by-new-4-3b-chinese-iron-ore-firm/