August 17,
China’s Wuhan Iron and Steel (Group) Corp (WISCO) offloaded 12,000 tonnes of Iron ore from Brazil, which was the first vessel of its self-owned overseas ores.
These Iron ore were all produced by Brazil-based MMX Corp, in which WISCO acquired a 21.52 percent stake and has Iron ore rights in mining projects.
This issue has become a milestone for breaking the monopoly of global mining giants.
“WISCO has gained about 3 billion tonnes of overseas Iron ore, which was sufficient enough for our operation in the following 100 years” said WISCO’s general manager, Deng Qilin. Adding to it he said WISCO would be self-sufficient in Iron ore supplies in 3 to 5 years.
Apart from the mines in Brazil, it has also plans for investing and establishing mining plants in Madagascar, Canada, Venezuela, Australia etc.
ArcelorMittal has approached Wuhan to negotiate with WISCO on the joint development of overseas Iron ore so as to exploit Iron ore in Brazil, Canada and African countries.
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