It is reported that Angang's investment CNY 18.616 billion iron ore plan win approval from National Development and Reform Commission.
The investment including expansion of 7 existing mines,construction of 3 new mines and update of 2 tailing reservoirs will be financed by Angang itself.Through the plan,the mills hopes to mine 68.50 million tonnes of crude ore as of 2015 and 92.00 million tonnes as of 2020 and push its self sufficiency to more than 75%.
So far iron ore resources in Angang now stays at 470 million tonnes and effective mining life is no more than 10 years.