State-owned metals trader China Minmetals Corp has announced the launch of an iron and steel joint venture in India.
China Minmetals is teaming up with Xinxing Pipes Group and three Indian
companies to build a new plant projected to produce up to 2.5 million
tonnes of steel and 6 million tonnes of iron ore pellets per year. The
first phase of the project will costs USD72m, and the new JV will be 55
per cent owned by the Chinese companies.
China Minmetals is aggressively expanding overseas, having recently
purchased Canadian firm Northern Peru Copper, a deal that included the
acquisition of copper and gold mines in Peru. It has also joined forces
with Poland's KGHM Polska Miedz to develop non-ferrous metal resources,
and is cooperating with Chile's Corporacion Nacional de Cobre on a
long-term copper supply deal.
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