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October 6, 2007

Investment: More Chinese firms eye iron ore reserves

More Chinese companies have indicated interest in exploiting iron ore reserves in the country, an official said.
At least six Chinese steel makers plan to build iron ore processing plants in South Kalimantan, Metal, Machine, Textile and Multifarious Industries Director General Ansari Bukhari said.
Earlier China Steel Resources Holding Company planned to invest US$450 million to build a steel plant in that province.
Head of the South Kalimantan office of the regional development planning board Noor Riwandi said the ground breaking ceremony will take place before the end of this year to mark the start of the construction of the plant.
Ansari said a Chinese steel giant Nanjing & Iron Steel Co. Ltd plans to build an iron ore processing plant with an investment of US$500 million in Tanah Laut, South Kalimantan next year.

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