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China's steel giant, the Shanghai-based Baosteel, announced Wednesday that it will form a joint venture with CVRD, a leading iron ore exporter from Brazil, and Yongcheng, a Henan coal and electric power Co. Ltd.
According to the official accord that had been reached, the three will mine anthracite coal in Henan Province in central China. The project's annual production capacity was designed at 10 million tons, according to Baosteel. However, the steel maker did not comment on the investment and the respective contributions of the three parties.
Most of the project's output will be supplied for Baosteel and CVRD, according to officials with the Chinese steel giant.
The joint venture will tap other mineral resources and step into trade business, the officials added.
(Xinhua News Agency November 19, 2004)
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