Sino Cast Daily Business reported that Chinese state owned steelmaker Taiyuan Iron and Steel (Group) Co Ltd, its Chinese partner Shanxi Jinzhong Wanbang Industrial and Trade Co Ltd and its Turkish partner CVK Group have launched their joint chrome mining project in Turkey.

The project will mark the largest investment that China makes in Turkey. It will be operated by a joint venture among the three parts. Taiyuan Steel and its Chinese partner will contribute more than USD 200 million and obtain a 50% stake in CVK.

In the future, the venture will further upgrade the mining area technologically, so as to lift the production capacity. In 2014, its chrome ore output is predicted to total 1.5 million tonnes.

The project will enable Taiyuan Steel to form a globally competitive chrome resource industrial chain and create a quality and low-cost chrome supply base. Moreover, the project will help its listed arm Shanxi Taigang Stainless Steel Co Ltd sharpen its world competitive edge.

(Sourced from www.163.com)