Global miners keen to tap Chinese market
Author:Network sources Source:Network sources Date:2013-04-09

Global producers said they will continue to invest in China because the country's urbanization and industrialization will continue to support iron ore demand.

Fortescue Metals Group Ltd, Australia's third-biggest iron ore producer, will invest $10 billion to expand its iron ore production capacity to meet the growing demand mainly from China, saiid the company's CEO Neville Power on Sunday during the Boao Forum for Asia Annual Conference held in South China's Hainan province.

He said FMG will have 155 million metric tons of production capacity by the end of 2013 and up to 90 percent of the output will supply the Chinese market.

By then, the company's iron ore supply will account for about 20 percent of China's total iron ore imports.

"President Xi Jinping's remarks during the Boao Forum show that the Chinese government will continue to make efforts on economic development and improving people's living standards and we are honored to participate in the process as a supplier for such an important resource," Power said.

China's GDP growth is set to stay at 7.5 percent to 8 percent, which means the country's steel output will increase at 3 to 4 percent and it will create demand for iron ore, he said.

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