The new company is China’s biggest effort yet to tackle what its officials have long argued is the excessive pricing power wielded by BHP, Rio Tinto and other miners.
China’s biggest effort yet to tackle what its officials have long argued is the excessive pricing power wielded by miners including BHP and Rio TintoChina is the world’s biggest consumer of iron ore; its 1 billion tonnes a year steel industry absorbed about 70 per cent of global production, most of it supplied by Australia.
China’s state-owned Assets Supervision and Administration Commission and National Development and Reform Commission did not immediately reply to requests for comment.The development of Simandou in Guinea has repeatedly been delayed by legal disputes and government changes in the African nation. The reserve holds one of the world’s largest untapped reserves of iron ore and is divided into four blocks, with 1 and 2 controlled by the consortium backed by Chinese and Singaporean companies.
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