Hungry hungry hippos!!! Argentina is a very long way to get ore... shipping costs must be huge compared to OZ!!!
Beijing approves Argentina iron ore investment
China is the world`s top steel producer
Beijing has approved China Metallurgical Group Corp`s acquisition of a 70% stake in an Argentine iron ore mine, says Reuters citing the government.
The group plans an initial public offering (IPO), officials and local media have said but no timetable has yet been set.
Officials at the company declined to comment.
China, the world`s top steel producer, is searching the globe for iron ore as its domestic ore output is not enough for its annual crude steel output of more than 400 Mt.
China Metallurgical Group reportedly revived operations last month at the Sierra Grande iron ore mine in southern Argentina`s Rio Negro province.
The company has already invested over US$20 million in the mine. (Reuters March 15)
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