Metalnewsnet 20 Apr ：

Shanghai Securities News cited an insider said Wuhan Steel will meet the first ship of iron ores from Canadian miner CLM in June.

According to the insider, CLM will start the permanent supply of iron ores to Wuhan Steel this year which will be a start of Wuhan Steel go global strategy. The insider revealed Wuhan Steel already signed exclusive sale agreement with CLM to get 80% of the miner output.

Wuhan Steel completed USD 240 million of investment into CLM last July, being the largest shareholder to hold 45.2 million shares or take 19.99% stake of the miner. The three mines under the cooperation between the steelmaker and the miner has an iron ore reserve up to 2.3 billion tonnes and can produce 4 million tonnes of high grade iron ore concentrates per annum.

CLM went into trail production last Dec, and had the right of transporting its products to sea port by railway this February which means the miner had laid a solid foundation for its business with Wuhan Steel.

(Sourced from Shanghai Securities News)