Iron Ore Boom State-owned Enterprises To Accelerate Recruiting Overseas Resources - Iron Ore Prices,

Iron ore price Rose to stimulate continued to open up overseas Chinese enterprises to accelerate Iron ore Resources

. Yesterday, reporter learned from China Machinery Industry Group, the Group owned China National Machinery and Equipment Import and Export Corporation (CMEC) and the Government of Gabon Gabon signed Belinga iron ore project, "Mining Right Agreement", the agreement marks the entry Belinga iron ore project a substantive stage. The MCC will invest 400 million Australian dollar acquisition of an Australian iron ore project.

State Machine Group sources, the project is that both sides signed in September 2006 the Gabonese port circuit Belinga mine iron ore mining project, part of the "mineral rights agreement" is Gabon Belinga iron ore project construction and operation of basic file. After signing the agreement to CMEC for the lead side of the Chinese enterprises in China, Export-Import Bank financing support, and respect Gabon Cooperation Conduct Gabon Belinga iron mine and supporting regional railways, ports and hydropower construction. The two sides of the joint venture agreement will be based on the mines and supporting infrastructure operation for 25 years, mine design, the mining will reach 30 million tons. The project is currently in Africa China's largest resource investment, and so far China's largest investment in a project of Gabon.

It is understood that, in the northeast of Gabon's Belinga iron ore, hidden in the dense equatorial forests, estimated up to 500 million tons of its veins. Belinga rich iron ore that is found in 50 years ago, but the high difficulty of development there has been no mining. International iron ore prices last year rose only Belinga iron ore attention. Earlier, the international mining giant Vale do Rio Doce mining company which is also very interested in the development, and the Government of Gabon has been contact, the Gabonese government to jointly exploit China and Pakistan had hoped, but failed to reach agreement due to various reasons.

Belinga iron ore mining facility which is expected to more than 500 million euros, including the construction of 500 km-long railway roads, dams and deep-water port facilities, once implemented, will become one of the largest local.

News that China has been able to win the right to exploit the mine, mainly China that is willing to buy all the iron ore mining, and government come forward to finance a guarantee. The actual exploitation of the mine is estimated by 2010 to achieve. Industry said that once the success of this mining, will increase China's imports of iron ore in the area of Africa in the amount, beneficial to the diversification of China's iron ore import channels, the strategic reserves of iron ore is also very beneficial.

Reporter from the China Metallurgical Group Corporation was informed that the angle between the company and mining company in Australia Lampert (Australian Stock Exchange code: CFE angle) of the transaction ultimately approved by regulatory authorities in Australia, China Metallurgical Group will invest 400 million Australian Yuan acquire Lampert angle at the Western Australian Pilbara (Pilbara) region of the iron ore project.

According to the agreement, MCC will be 50 days after the signing of the agreement to pay 60% of purchase price, or 2.4 billion Australian dollars, then pay 20% after 45 days, the remaining 20% of the mining project in achieving and paid after the building permit. China Metallurgical Group acquisition through its wholly-owned subsidiary of China Metallurgical Group (Western Australia) Ltd to complete. Lampert Kok said the MCC is acquiring Lampert angle iron ore projects owned by the resource of 1.56 billion tons, of which about 31.2% iron ore content.

Lampert Point will hold a shareholder meeting this month to vote on the acquisition.

by: gaga

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