Beijing: China has found a 1 billion tonne iron ore deposit in northern Hebei Province, the largest such discovery since the 1980s, the official Xinhua news agency reports.
Zhang Shaolian, head of Hebei Provincial Bureau of Land and Resources, said the deposit in Luannan County is shallow and comparatively easy for mining.
It is 6 km (3.7 miles) long, ranging from 41 to 109 metres (yards) thick and lies 100 to 600 metres deep, Xinhua said late on Saturday.
Spot iron ore prices have recently fallen from three-month highs struck in late November, and some analysts said that China, the world's biggest iron ore consumer, may seek to put pressure on prices to win more favourable terms in annual talks with global miners.
China reported on Friday that iron ore production in November rose 3.5 per cent from October even as total crude steel output dropped 8.7 per cent. China's iron ore imports in November rose 12.3 per cent from October. [14/12/09]
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
