Mountain Steel Proposed Overseas Iron Ore Self
Recently, Shandong Iron and Steel Group Co., Ltd. (hereinafter referred to as “Mountain Steel Group”) together in the province Xinwen Mining Group Co., Ltd. (the “New Mine Group”), and Hong Kong Kiu Hung Group signed memorandum of cooperation framework, the proposed joint development of the Brazilian SAM iron ore project.
From the Shandong Provincial Department of Commerce sources, according to the framework of the tripartite memorandum of cooperation signed, three preliminary agreement, the new group is responsible for mine design capacity of the project to the exploration and preparatory work before the project after talks to develop a formal business matters; tentatively agreed Upon completion of the project risk exploration, mountain Steel Group investor participation in the project development.
Yesterday, the reporter could not be reached Shan Iron and Steel Group and the New Coal Group, the two companies will be how much money, it is not clear.
Mountain Steel Group is in the integration of Jinan Iron and Steel Group, Laiwu Steel Group and other related enterprises in Shandong Province based on the formation of large steel companies, its integration of Rizhao Iron and Steel Group, also carried out, the goal is to build the Shandong Rizhao annual output of 2,000 tons Fine steel production base.
Shandong Province, on to the Brazilian iron ore resources for the sake of this piece of thirst. In early March this year, Hung Bridge Group bought the exploration projects in Brazil after the end of the two companies in Shandong that with the Group signed a memorandum of the cooperation framework.
SAM iron ore project in Brazil is a mirror of iron ore as the main component of iron ore resources development project, located in Minas state, with estimated reserves of 6.2 billion tons, formerly of South America’s largest family companies – Vautherin (VNN) companies. This year in March, the Group acquired the project Honbridge exploration, estimated 2.588 billion U.S. dollars investment, design concentrate powder 25 million tons annually.
According to Hung Kiu Group late last year, the relevant notice, SAM is a company incorporated in Brazil, a private company, SAM, together with its affiliates holds 94 exploration permits exploration. In Hong Bridge Group after completion of the acquisition of SAM by SAM held by an affiliated company of all the prospecting permit Jieke transferred to the SAM.
Meanwhile, according to financial advisers to provide information on VNN, where 65% of grade ore powder offshore cost is estimated at 19.66 U.S. dollars per ton.
Mountain Steel Group’s iron and steel enterprises, rely on imported iron ore serious. Vice Governor Cai Limin of Shandong Province in the framework of the MOU signing ceremony, said, (this project) to effectively solve the lack of significant iron ore resources in Shandong. Industry analysis, Hill Steel Group would aim to establish their own iron ore supply base overseas.
Iron ore project from the SAM analysis of the operation of the road map, Hung played bridge is a bridge group, which is made overseas Hung Bridge Group’s relevant interest in mine, and then follow-up steps by the mainland-related enterprises cooperation.
On November 19 last year, Hong Bridge Group announced on, will be not more than 430 million U.S. dollars of the cost of acquisition of all rights and interests of SAM.
Then, Hung Bridge Group spokesman said it would actively look for a large iron and steel enterprises, mining companies and port companies as strategic partners to participate in project development.
The Hung Bridge Group has signed an agreement with Brazil’s payment, but also installment: the formal agreement will be signed, agreed to a higher number of resources identified to obtain all necessary approvals of mining, port put into operation, put into operation five mines stage to pay 10 million U.S. dollars respectively, 65 million U.S. dollars, 1.15 billion dollars, 120 million U.S. dollars and 1.2 billion dollars.
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