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Thursday, Sep 26
China makes play for African iron ore
- African Minerals (AMLZF.PK) enters into a binding memorandum of understanding with Tianjin Materials and Equipment, China's largest iron trader, where Tewoo will pay $990M to acquire a 16.5% interest in African Minerals' flagship Tonkolili iron ore project.
- China, which makes 43% of the world’s steel, relies on imported ore for more than 60% of its steelmaking needs.
- Chinese state-owned metal giants are said to be circling Rio Tinto’s (RIO) $4B Canadian iron ore operations as well as Glencore’s (GLCNF.PK) Las Bambas copper asset in Peru.