Reporters learned from WISCO that the company participated in iron ore development cooperation in oversea market frequently and the equity resource is expected to reach 3bln tons, which is equivalent to more than five times of China’ s iron ore import in last year.

Last year, WISCO expected to produce iron of 29.65mln tons, steel of
30.53mln tons and steel products of 39.40mln tons, achieve the sales
revenue of 135bln yuan and succeed in completing the National
Development and Reform Commission (NDRC)’s profit assessment.

This year, WISCO targets for achieving sales revenue of 150bln yuan.

WISCO pointed out in the work report of 2010 that in the financial
crisis of 2009, the company gained iron ore resource with the low
price, which is difficult to be bought with high price before the
crisis. Canada’s CLM and Australia’s CXM projects were both approved by
the government, shares were delivered successfully and the floating
surplus of the investment was U.S.$174mln.

This year, CXM project finished the deal of mining interest and was
carried out the land exploration overall. Signing with Australia’s WPG
project, WISCO tried to get approval of the Australia government. It
also inked iron ore long-term agreement with Venezuela Mining which is
subject to WISCO’s pricing. Additionally, it developed iron ore
resource with Brazil’s EBX jointly, ensured to set up steel mill in
July.

Deng Qilin, general manager of WISCO said that presently, the company’
s iron ore sufficiency is less than 20% and it must import ore with
high price. A few years later, after the aforesaid mines oversea
finished the operation, WISCO strive for not being restrained by other
on iron ore resource.

Deng also revealed that in 2009, China Iron & Steel Association
(CISA) failed in reaching long-term agreement with three ore giants,
actually the average price of imported ore was not higher than the
Japan’ s price.

WISCO’s Fangchenggang base in construction.

WISCO made it clear in the operation and management target for 2010
that the Fangchenggang steel base project is ongoing and will achieve
the targetable progress.

Source: MetalBiz

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