Wednesday, September 29,
China’s state-owned Xinxing Pipes Group Co Ltd said on it plans to invest up to $1 billion in a Canadian Iron ore project, the latest in a series of major investments as China scouts for more supplies.
China’s top Iron-ore users, such as Wuhan Iron and Steel Group, have sought to develop overseas Iron ore resources in a bid to reduce their heavy reliance on the three major global suppliers — Rio Tinto, Vale and BHP Billiton.
Xinxing said its subsidiary, Xinxing Ductile Iron Pipes one of the world’s largest producers of cast iron pipe, has formed a joint venture with Canada’s Advanced to develop the proposed Roche Bay magnetite mine in Nunavut, and located on the north coast of Canada.
Source: Reuters
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