BEIJING (XFN-ASIA) - China's big-four steel companies - Wuhan Iron and Steel (Group) Corp, Baosteel Group Corp, Anshan Iron & Steel Group Corp and Shougang Group - have signed an agreement to set up a joint venture ahead of a planned iron ore project in Cambodia, the official China Securities Journal reported, citing sources.
Wuhan will be the biggest shareholder in the joint venture with 50 pct, the report said.
The big four are preparing to start operations in Cambodia at a concession with 200 mln tons in estimated iron ore reserves.
No specific investment estimates were provided.
(1 usd = 7.65 yuan)
ivy.cheng@xinhuafinance.com
Wuhan will be the biggest shareholder in the joint venture with 50 pct, the report said.
The big four are preparing to start operations in Cambodia at a concession with 200 mln tons in estimated iron ore reserves.
No specific investment estimates were provided.
(1 usd = 7.65 yuan)
ivy.cheng@xinhuafinance.com
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