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DJ Hebei Iron: In Pact With Chile Miner CMP For Iron Ore Cooperation


De la prensa internacional

Imagen foto_00000001DJ Hebei Iron: In Pact With Chile Miner CMP For Iron Ore Cooperation
7 April 2011
Dow Jones Chinese Financial Wire

BEIJING (Dow Jones)–Hebei Iron & Steel Group Corp., the country's largest steelmaker by output, said it has signed a cooperation memorandum with Chilean iron ore miner CMP S.A. to jointly develop the latter's Cerro Negro Norte iron ore deposit.

The statement on Wednesday didn't disclose details of the memorandum.

A Hebei Iron official, who didn't wish to be named, said Thursday it was an iron ore purchase agreement and not related to equity investment in CMP.

The deal marks Hebei Iron's overseas debut and follows Baosteel Group Corp. and Wuhan Iron & Steel Group Corp.'s successful agreements to secure ore from global sources other than top miners BHP Billiton Ltd (BHP), Vale S.A.(VALE) and Rio Tinto PLC (RIO).

According to CMP's website, the untapped CNN deposit has magnetic resources of 223 million metric tons and non-magnetic resources of 39 million tons.

CMP is a subsidiary of Chile's biggest steel and iron ore producer, CAP S.A.(CAP.SN).

La información reportada por Dow Jones se refiere a una negociación en curso entre la filial minera de CAP S.A., Compañía Minera del Pacífico S.A. (CMP), y la mayor siderúrgica China, Hebei Iron & Steel Company Ltd. Una vez formalizado el contrato de compraventa respectivo, se informará oportunamente.