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China accelerates the self-sufficiency of iron ore to acquire the equity of African mining industry

China accelerates the self-sufficiency of iron ore to acquire the equity of African mining industry

China Construction machinery information

Guide: between African mining industry and Shandong Iron and Steel Group, a Chinese state-owned enterprise, press the direction key to move the focus to the required section, and press the confirmation key to sign an agreement worth 1.5 billion US dollars, indicating that China is accelerating the pace of competing for iron ore resources in the world. According to this long-awaited transaction, Shan steel will acquire Tonkolili iron ore of African mining in Sierra Leone

the signing of a US $1.5 billion agreement between African mining and Shandong Iron and Steel Group, a Chinese state-owned enterprise, shows that China is accelerating the pace of competing for iron ore resources in the world

according to this long-awaited transaction, Shan steel will acquire 25% of the equity of African mining's tongkolili iron ore project in Sierra Leone. Tongkolili is one of the largest iron ore deposits in the African continent, with resource reserves estimated at 12.8 billion tons. Tongkelili iron ore has not been put into production so far

this transaction highlights China's steady demand for African commodities. In addition to direct shareholding, Shan steel has the right to purchase 25% of the future output of tongkelili at the market price; In addition, African mining also promised to sell a certain amount of iron ore to Shan steel at the price of 15% of the market price on the low group Jianguo No. 1 technology platform every year, and this part of iron ore will total 10million tons

this result is quite different from the uncertain situation after the signing of the memorandum of understanding between the two companies last summer. The delay in this transaction is an important factor that prompted African mining to raise US $307million through a rights issue last November to resolve people's concerns about its capital problems

China's steel industry has a huge demand for imported iron ore in recent years. As the three major international miners monopolize most of the world's iron ore resources, Chinese steel enterprises carry out intelligent detection on more stations; The transformation industry has almost no bargaining power in imported iron ore, and has to become the object of "working" for international miners. Therefore, since last year, Chinese steel enterprises have had to accelerate the implementation of the iron ore self-sufficiency strategy, so as to gradually reduce their dependence on the three major miners