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HBIS Gains 25% Interest in Canada Kami Iron Ore Project

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SHANGHAI, Apr 01, 2013 (SinoCast Daily Business Beat via COMTEX) -- Hebei Iron & Steel Group Co., Ltd. (HBIS) has completed its initial strategic investment in the Kami iron ore project for an aggregate CAD 182.2 million. HBIS invested the remaining CAD 119.9 million of its initial investment to Alderon Iron Ore for 25 percent equities in the Kami project.

The Kami iron ore mine is located in Canada's largest iron ore production area, with reserves being about 1 billion tons. The two sides signed a partnership agreement in April last year and completed the first-phase delivery in August; the project was designed to produce 8 million tons of iron ore concentrate each year.

The CAD 119.9 million investment will be fully used to further development of the Kami iron ore project. HBIS will buy 60 percent of annual 8 million-ton iron ore concentrate output.

Source: (April 01, 2013)

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