Date: 2013-07-31

Baosteel And CRCC To Participate In Chalco's Guinean Iron Ore Venture

Baosteel Group, the parent of Baoshan Iron and Steel, and China Railway Construction Corporation have signed an agreement on November 29 to jointly participate in the exploration of an iron ore mine in Guinea which has Aluminum Corporation of Chin and Rio Tinto as its investors.

Baosteel Group and China Railway Construction Corporation will only participate in the construction of infrastructure such as ports and railways, and will not dilute the stake held by Aluminum Corporation of China in the iron ore mine, according to the spokesman.

According to an agreement signed in July 2010, Aluminum Corporation of China will invest $1.35 billion in return for a 47 percent stake in the iron ore project, upping its stake in the iron ore mine to 50.35 percent.

The iron ore mine is expected to be operational in five years, yielding annual iron ore output of 70 million tons.

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