Chinese steelmakers in for 5bn tonnes of Russian ore

Beijing: It is reported that China steel mills are looking for Russian iron ore mines, in a further bod to diversify from their dependence on the Big Three miners. There are three or four China steelmakers concerned in the buying of a mine under Alrosa Co. Located in South Yakutia a place in Siberia 300 kilometers from the Sino-Russian border, the mine has a 5 billion tonnes of iron ore reserve and is estimated to be worth about USD 1 billion.

(Source: www.schednet.com)