September 07, 2008

Tianxin ink refined ferrous powder supply pact with Handan

Tianxin Mining Industry Company Limited announced that it has signed a 10 year supply agreement with Handan Iron & Steel Group to supply at least 300,000 tonnes of refined ferrous powder this year and 800,000 tonnes annually in future years.

The released added that refined ferrous powder is an ingredient in the manufacture of iron and steel for which there is a large demand in China. With two mines whose reserves total more than 350 tonnes, concentrating mills in Hebei and Shanxi Provinces in the Northern China plain and employing more than 300 people, Tianxin Mining has grown into one of the country's most prominent mining companies.

Mr Lin Jia Zhen president of Tianxin Mining Industry Company Limited said "We in the future will develop copper, silver, gold and molybdenum resources. The prospects for solid, significant growth for our Company remain excellent. He said that 2008 international iron ore prices have risen by 65% while prices in China are increasing at the same level.”