Angang Iron & Steel Group, China’s largest iron mining corporation, announced Thursday that it will double its annual production of iron ore to 92 million tons by 2020, reported state media. The company’s iron mining subsidiary will upgrade and expand its current mining projects at a cost of US$2.15 billion. The project has already received approval from China’s Ministry of Industry and Information Technology (MIIT). Angang Group’s subsidiary has six open-cut mines and an underground mine, giving it a current annual output of 45 million tons 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 tons.
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