According to Chongqing Stated Assets Administration Commission, Chongqing Iron and Steel Company Limited will build an iron ore transit port in Jingjiang City, Jiangsu Province with the total flow of CNY 1.3 billion. It is another major resource strategy for CISC after it finished initial acquisition of Australian iron ore.
Mr Dong Lin chairman of the company The international transit base for iron ore and steel will be located in Xingang Park of Jingjiang City, Jiangsu Province, and CISC will pour CNY 1.3 billion into this project. It is reported that CISC planned to set up a new company in Jiangjiang City with a registered capital of CNY 500 million.
He said "CISC hopes to cope with the price fluctuation of raw materials by enhancing reserve of the raw materials.”
The coming transit base will cover about 688 meters of shoreline of Yangtze River and 800 meters to 1000 meters along inner harbor. It will transit 12 million tonnes of iron ore and 30 million tonnes of steel plate annually, which could meet appetite of CISC new plant in Changshou Region.
Earlier this month, CISC finalized the iron ore development plan in Western Australia, which is waiting for approval from National Development and Reform Commission now. The iron ore project is expected to go in stream in 2012 at the earliest and its first phase is designed to churn out 10 million tonnes of magnetite concentrates every year.
Supply and price of the imported iron ore are the hardest issues to tackle for domestic mills all the time. After acquisition of ore mines overseas and construction of the transit port, CISC can not only limit risks from iron ore price rise, but also meet its own demand for raw materials in the future.
Mr Dong Lin chairman of the company The international transit base for iron ore and steel will be located in Xingang Park of Jingjiang City, Jiangsu Province, and CISC will pour CNY 1.3 billion into this project. It is reported that CISC planned to set up a new company in Jiangjiang City with a registered capital of CNY 500 million.
He said "CISC hopes to cope with the price fluctuation of raw materials by enhancing reserve of the raw materials.”
The coming transit base will cover about 688 meters of shoreline of Yangtze River and 800 meters to 1000 meters along inner harbor. It will transit 12 million tonnes of iron ore and 30 million tonnes of steel plate annually, which could meet appetite of CISC new plant in Changshou Region.
Earlier this month, CISC finalized the iron ore development plan in Western Australia, which is waiting for approval from National Development and Reform Commission now. The iron ore project is expected to go in stream in 2012 at the earliest and its first phase is designed to churn out 10 million tonnes of magnetite concentrates every year.
Supply and price of the imported iron ore are the hardest issues to tackle for domestic mills all the time. After acquisition of ore mines overseas and construction of the transit port, CISC can not only limit risks from iron ore price rise, but also meet its own demand for raw materials in the future.