investors ave to stick to the game plan, the Chinese are.
Wuhan Steel to develop mines in Madagascar
Monday, Nov 17, 2008
It is reported that falling iron ore market has not cooled off Chinese leading steel mills' enthusiasm to develop ore mines overseas. And China Business News learned from Wuhan Steel Group recently that the steelmaker has inked an agreement with Madagascar to develop local mineral resources with another company in Hong Kong.
Madagascar is the world's fourth largest island with rich mineral resources. To develop & construct overseas strategic resources base, Wuhan Steel has set up a JV with HK listed Kam Hing International Holdings Limited in Hong Kong under the name of Wugang Kam Hing Co Ltd and conducted a feasibility study about the mines development in the island country.
Kam Hing International has acquired the prospecting and mining rights in Bekisopa regions in Madagascar with total area of 287 square kilometer at the end of last year. And the JV is to develop the mines there.
http://www.yourindustrynews.com/wuhan+steel+to+develop+mines+in+madagascar_15661.html
outlook for highgrade iron ore is still bright
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