October 14, 2008

Wenzhou merchants to fund development of iron Ore in Shanshan

It is reported that some merchants from Wenzhou in Zhejiang Province have established a Zhongya United Iron Industry Co Ltd in Shanshan County of Xinjiang for funding CNY 1 billion in building a direct reduction pellet production base.

Promoted by the local C of C, City College Wenzhou University entered into intended cooperation agreement with the municipality last year and established Zhongya Iron Industry Co Ltd aiming to build a 1 million tonnes per year direct reduction pellet line in Shanshan County.

Shanshan County is reportedly rich of iron ore resources, but for lack of technology, the resources have yet to be explored and mined.