China’s newly minted state-owned company will be the hub for everything from mine investments to iron ore buying in a major market shake-up.
A newly minted state-owned group will be a hub for everything from huge mine investments in West Africa to buying the steel-making material from international suppliers.s that have highlighted threats to supply chains and made resource security a major focus for President Xi Jinping. Mining giants Rio Tinto, BHP and Vale will be looking to understand exactly what China is now planning for them.
Baowu and Ansteel jointly produce over 230 million tonnes of steel a year and are expanding by merging with rivals. That indicates that the new company will likely import at least 460 million tons of iron ore a year, or more than 40 per cent of the Chinese total. In addition, the inclusion of Simandou gives the new group responsibility for one of the world’s biggest and most important new mines, which Rio has estimated could produce 100 million tons of ore a year.
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