Chinese steelmaker Hebei Iron and Steel Group's mining project for the Hongshan iron ore mine in Hebei had got approved by The Development and Reform Commission of China's Hebei Province.
Total investment in the Hongshan iron ore is expected to reach RMB 369.96 million ($57.987 million). The mine's reserves amount to 34.6210 million mt, while the targeted annual iron ore output is 1 million mt, with an annual iron ore concentrate output of 307,700 mt. The mine is located near Hebei Steel Group's Bangmoshan iron ore mine which is nearly exhausted after 23 years of mining.