Wuhan Evening Daily reported that Wuhan Iron & Steel Co Ltd has seen its first shipment of 120,000 tonnes of overseas ore arrive at Wuhan days ago, which made from Brazil based MMX Company.

Those 120,000 tonnes of ore concentrates were the first shipment made from overseas company in Wugang over 50 year history.

It's learnt that these ore concentrates gained from Wugang Brazil project which cost nearly USD 400 million.

Due to the surging iron ore resources in global market, many domestic mills suffered great losses. As one of steel giants in China, Wugang decided to expand a series of mine-establishing activities not only in Brazil, but also in Madagascar, Canada, Venezuela, Australia and the other countries etc, becoming the largest shareholder of Canada-based CLM Company by USD 0.24 billion and second largest of Australia WPG Mining Company.

Mr Deng Qilin GM of Wugang Group disclosed that total volume of the obtained overseas iron ore resources went at 3 billion tonnes and the company may realize iron ore self sufficiency in three to five years.

(Sourced from Wuhan Evening Daily)