According to local news report,Ministry of Environmental Protection in China call off Dajiazhuang iron ore project owned by Hebei Iron&Steel Group Mining Company Ltd by returning it environmental review because it constructs without pre approval from the Ministry.
Hebei Iron&Steel Group Mining Company Ltd,fully owned by Hebei Steel Group,has currently 5 billion tonnes of iron ore resources.In 2011 it produced 7.07 million tonnes of iron ore concentrates.By 2015,it targets to have 35 million tonnes capacity in iron ore concentrating and 8 billion tonnes and raise its iron ore independency to 40%.
Hebei Steel Group was committed in November last year to inject the first batch of iron ore assets into its listed Hebei Iron and Steel Company Ltd before December 31st 2012 in order to reduce related party transactions.
According to the plan,the first to go are Sijiaying iron ore,Heishan iron ore,Shirengou iron ore project etc,with resources no less than 1 billion tonnes and iron ore concentrating capacity no less than 7 million tonnes a year.The rest iron ore assets will be waiting for a right time before all iron ore interests owned by the Group go to listed part.
