Peoples Daily Online reported that Chinese steel giant AnSteel's JV project in Australia has been put into operation.
Mr Zhang Guangning, chairman of AnSteel said that "Karara Mining, a JV project between Anshan Iron and Steel Group Corporation and Australia's Gindalbie Metals Limited, started operations on Tuesday April 9th 2013.
He said that "Covering a total area of 156 square kilometers, the project is expected to have an annual production capacity of 21 million tonne of magnetite ore and 8 million tonne of iron concentrate.'
AnSteel's product share will mainly be provided to the iron and steel base in Bayuquan, an economic development zone in Yingkou city, Northeast China's Liaoning province.
The Karara mine is located in Western Australia and is the country's second largest source of magnetite, with proven reserves of 2.4 billion tonne. It has been jointly exploited by AnSteel and Gindalbie since the end of 2009, according to the agreement signed by the 2 companies in September 2007.
Based in Anshan city, Liaoning, AnSteel is 1 of China's principal iron and steel corporations. The company's proven reserves account for 1/4 of the country's total.