China floats national iron ore fund to boost production

摘要

China is considering setting up a national iron ore fund to support the development of its domestic iron ore production, China Iron and Steel Association (Cisa) chairman He Wenbo said. The fund will use an estimated 90 billion yuan ($12.57 billion) from tax levies to support domestic iron ore development and ensure that China is capable of meeting up to 20% of its total iron ore demand. Income tax from domestic iron and steel enterprises will be used to expand new mines in China. China will also work with major foreign miners to develop iron ore resources in Africa, Canada and other regions.