China's Wuhan Iron & Steel (Group) Corporation ("Wugang") announced November 10 that it has entered into agreement with Madagascar on the development of mineral resources in the country. Underlying the event is the intended development and mining of mineral resources by the joint venture Wugang has established with Hong Kong Jinxing International Company, with a view to satisfy its surging demand for ferrous raw materials. Wugang is redoubling its efforts in the development and construction of overseas strategic resource bases. The whole of mineral products to be output by the joint venture in Madagascar is destined for exclusive consumption by Wugang.
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