SunSirs: China Enterprise Consortium Approved to Develop World's Largest Iron Ore Project
March 09 2020 13:34:19 SunSirs (Molly)
According to the Australian mining media MING.COM, the "winning alliance" of an enterprise consortium composed of Shandong Weiqiao Venture Group, China Yantai Port Group and other joint investors is expected to obtain approval in the near future for the development of Simandou iron ore blocks. According to China's foreign investment procedures, Chinese companies must pass the approval of the State-owned Assets Supervision and Administration Commission to advance this project. At present, relevant Chinese authorities are promoting the project process, such as reviewing project financing details. Guinea is rich in mineral resources, and the Simandou project can be described as its crown. The mine is the world's largest iron ore project, with 2 billion tons of iron ore resource reserves, and an extremely high iron grade, which can reach 66% -68%, which means a higher premium. With full production, the Simandou project can export about 100 million tons of iron ore annually.
It is worth noting that the data show that as of February 27, steel stocks held by Chinese traders reached 23.74 million tons, the highest level since at least May 2006.
According to some organizations, the total inventory of the entire supply chain is expected to reach about 60 million tons at the end of February, which is three times the normal level in a year, which has put great pressure on the cash flow of traders and distributors. As sales prices and profit margins fall, traders face a double blow from record inventory and financing woe.
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(News From Daily Future)
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