Angang Iron & Steel Group announced that it will double its annual production of iron ore to 92 million tonnes by 2020.

As per report the company's iron mining subsidiary will upgrade and expand its current mining projects at a cost of USD 2.15 billion. The project has already received approval from China's Ministry of Industry and Information Technology.

Angang Group's subsidiary has six open cut mines and an underground mine, giving it a current annual output of 45 million tonnes of iron ore. The company's mines are located in the Anshan and Liaoning areas of China, which have verified iron ore deposits exceeding 8.8 billion tonnes.

(Sourced from China Economic Review)