Iron Mountain Steel Proposed The Development Of Overseas Iron Ore Projects In Brazil - Shandong Iron

, Signed with Hong Kong Hong Bridge Group Cooperation Framework of the memorandum

, intended to develop iron ore project in Brazil SAM.

From Shandong Provincial Department of Commerce sources, according to the framework of the tripartite memorandum of cooperation signed between the three sides tentatively agreed, the new group is responsible for mine design capacity of the project to the exploration and preparatory work before the project after the formal business to discuss matters relating to cooperative development ; initially agreed to risk exploration of the project is completed, Mountain Iron and Steel Group to participate in the development of the project funded. Hill could not be reached

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 conducted in the aim of construction output in 2000 in Shandong Rizhao tons of fine steel production base.

Shandong province on 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. Brazilian iron ore project

SAM 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 business? D? D Waugh Atlanta (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.

Under the bridge late last year, the Group's related announcement Hung, 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.

The same time, 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 mine Hung Bridge Group obtained the relevant rights and interests overseas, and then follow-up steps by the mainland-related enterprises cooperation.

November 19 last year, the Group announced on Hung Bridge, 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 large-scale iron and steel enterprises, mining companies and port companies as strategic partners to participate in project development.

The Hung Bridge Group and Brazil signed an agreement of payment terms, but also installment: the formal agreement will be signed, agreed to a higher number of identified resources to obtain all necessary approvals of mining, port put into operation, mining investment 5 stages of operation were to pay 10 million U.S. dollars, 65 million U.S. dollars, 1.15 billion dollars, 120 million U.S. dollars and 1.2 billion dollars.

by: gaga

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