interesting sdl article in the australian, page-22

extract from a Bejing newspaper:

It also said it aims to become a "fourth force" in Australian iron ore mining, to rival Rio Tinto Plc, BHP Billiton and Fortescue Metals Group Ltd.

While Australian mining projects faced blocks from rising cost pressures, policy barriers and the introduction of new mining and carbon taxes, West Africa is emerging as an upcoming global iron ore destination.

China, the world's largest steelmaker and iron ore consumer, has been active in seeking global iron ore resources to reduce dependence on the monopoly of the three global miners, Vale Ltd, BHP and Rio Tinto, which together control two-thirds of the world's iron ore supply.

Wuhan Iron and Steel (Group) Corp said earlier it aims to become self-sufficient in iron ore supply by 2015 by acquiring overseas iron ore resources.

"It will require huge investment to build railways and ports in Africa, which may add risks for investing in Africa. However, with ore prices surging, China needs to diversify its iron ore supplies to break the monopoly of the three global miners," said Zhang Lin, an analyst with Beijing-based Lange Steel Research Information Center.

China Daily

(China Daily 07/19/2011 page13)

















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