Reportedly, Chinese Hebei Steel has sought to acquire iron ore assets in overseas markets in recent years.
It's said that the Hebei Development and Reform Commission has approved Hebei Steel to acquire shares at Kami iron ore mine which belongs to Canadian Alderon Iron Ore in June.
Under the agreement inked by Hebei Steel and Alderon Iron Ore in this April, Hebei Steel will invest CAD88.30 million to buy 19.9% shares at Alderon Iron Ore.
At the same time, Hebei Steel will pay CAD105.7 million to take over 25% rights at Kami iron ore mine. Once the iron ore is commissioned, Hebei Steel will have the right to exploit 60% assets in the mine.