Welcome to Attend 9th Steel Development Strategy Conference
November 18, 2010
during the International Mining Conference, Wuhan International Resources Development and Investment Company, a deputy minister told us recently with the Canadian mining company Wuhan Iron and Steel Adriana Resources Inc (TSXV: ADI, hereinafter referred to as ADI ) is located on an iron ore project in Quebec, Canada, reached a preliminary cooperation agreement.
The sources also disclosed that China Wuhan Iron and Steel is the formation of a consortium to jointly develop a Cameroon in Africa iron ore. Currently, the Construction Group has been interested in joining the consortium involved in the project's infrastructure.
To expand in Africa
In addition to Canada, The source said that at present, Wuhan Iron and Steel also intends to develop iron ore project in Cameroon, but the huge investment, Wuhan will serve as a member of the Chinese consortium involved in the development.
Newspaper noted that Cameroon has two iron ore deposits, which are located Mbalam and Kribi, ore homogeneous, the general quality, grade of 30% to 40%. Wuhan Iron and Steel is interested in mining in southeastern Cameroon Mbalam hematite.
Wuhan Iron and Steel from 2007 follow-up study Mbalam project began, but then, the project received by the Australian Sundance Resources Corporation.
June of this year, Sundance Resources of all executives to take a private plane crash inspection Mbalam, Mbalam project again variable. Subsequently, Sundance Resources began looking for other investors to Mbalam.
Currently, Sundance Resources has commissioned a CITIC Securities to assist it as Mbalam iron ore project and associated infrastructure lending and equity financing. CITIC Securities had come across in the Steel Group, Hebei Iron and Steel Group, China Minmetals and other domestic companies, eventually expressed strong interest in Wuhan Iron and Steel.
The data from the Sundance Resources, said, Mbalam will be able to continue mining at least 25 years, annual output 35 million tons iron ore and prospective reserves are expected to reach 2 million tons. However, with the aluminum, a joint venture Rio Tinto Simandou Africa and Guinea, like iron ore, Mbalam lack of infrastructure, which means a large capital investment.
Informed sources told, Wuhan Iron and aluminum likely to adopt a similar approach, the establishment of a Chinese consortium, including financial institutions, infrastructure contractors, steel mills, traders and so on.
Currently, the Construction Group have indicated their willingness to join the consortium. However, the demonstration project is still in the early stages of the cooperation program of Wuhan Iron and Steel Development Mbalam not been determined.
Wuhan Iron and Steel expressed a strong interest on the Mbalam reason is that Africa is the Wuhan Iron and Steel to find another focus of overseas resources base.
Previously, Wuhan Iron and Steel in Africa made the first interest in Lilian ore is iron ore project in Liberia. June of this year, Wuhan Iron and Steel spent $ 68,460,000 held by the Fund in the acquisition of China-Africa Joint 60% of the shares of profit.
It should be noted that the subsidiary of Wuhan Iron and Steel and the National Bank Africa Development Fund to open close. Wuhan China-Africa Development Fund this year and signed a "strategic investment and development of mineral resources in Africa Cooperation Agreement"; 2009, the country about to open its iron ore project in Venezuela to supply Wuhan Iron and Steel, Wuhan Iron and Steel's overseas entries forProvide substantial financing.
Chow Chan told this newspaper that the next 5 years, Wuhan Iron and Steel will focus on the establishment of the African mineral resources and support base.
http://en.steelhome.cn/2011/01/21/n454142.html
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