Lets hope on MOZ one day...

Lets hope on MOZ one day too!

http://www.businessspectator.com.au/bs.nsf/Article/RPT-UPDATE-1-Wuhan-Steel-eyes-overseas-plant-coal--ER4J3?opendocument&src=rss

Eyes coking coal

Wuhan Steel is also eyeing investment in coking coal, another key steelmaking ingredient, in other countries to help minimise production cost, after the company's profitability ratio fell as low as 2.97 percent in 2010, half the Chinese industry average.

"We are also interested in investing in coking coal resources, not only in iron ore," Mr Deng said.

Wuhan Steel last year negotiated an $US800 million agreement with Riversdale Mining to get a 40 per cent stake in its Zambeze coal project in Mozambique. But the deal was suspended in January after Rio Tinto made a $US3.9 billion bid for Riversdale.

Mr Deng said Wuhan still wanted the deal to go ahead, whoever ended up owning the African asset.

"We are still keeping a close eye on the project. We are not intending to withdraw from the deal as both Riversdale or Rio Tinto would be happy to see us involved as a consumer of coking coal," Mr Deng said.

Wuhan Steel is also planning to expand investment in coking coal in other countries including Canada, but warned that investment in Australia, which is rich in coal resources, would be hard.

Under its plan for the next five years, Wuhan Steel aims to acheive self-sufficiency in iron ore and have more than 1 billion tonnes of coking coal resources overseas under its control, with an annual supply capacity of 30 million tonnes by 2015.