Chinese Xiyang Group announces plans for Chita mine in Russia

Private Chinese metals company Xiyang Group plans to develop a huge Russian iron ore mine from April 2010.

Mr Zhou Furen Xiyang chairman said the mine, located in Chita has proven reserves of 747 million tonnes and potential reserves of more than 1 billion tonnes.

He said that ¡°Mine conditions are good for exploitation, with an average grade of between 40% and 55% and at the highest grade, 65%.¡±

Mr Zhou said Xiyang Group planned to build a steel mill close to the mine with a production capacity of 4 million tons of steel slab per year. He said that the integrated mining and steelmaking project was expected to be complete by the end of 2012, adding that the company would invest CNY 3.3 billion in the first phase.

According to the report, the company, which is based in the northern Chinese province of Liaoning projected 70% of the mine¡¯s ore could be accessed through opencast working

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