China to pour more cash into overseas iron ore

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China relies heavily on iron ore imports. [File photo]

China to pour more cash into overseas iron ore

中国拟投巨资在海外开采铁矿石 打破三巨头垄断

China Iron and Steel Association (CISA), the country's steel lobby, has made plans to invest heavily in overseas iron ore mining over the next four years in a bid to end its dependence on foreign sources, Li Xinchuang, deputy secretary-general of the association, told China Daily on Monday. 中国钢铁工业协会副秘书长李新创近日接受《ChinaDaily》采访时透露,作为全球最大钢铁生产国和铁矿石需求国,中国已经制定了一份大规模投资海外铁矿石开发的计划,以减少对铁矿石三巨头的依赖。他说,这项计划将在十二五期间(2011-2015年)实施。
Li said the plan aims to break the grip of the big three foreign iron ore suppliers – Vale, Rio Tinto and BHP Billiton – which currently control 75 percent of the global supplies. 李新创表示,中国实施上述计划的主要目的是打破三巨头对全球铁矿石市场的垄断。据了解,目前以巴西淡水河谷、澳大利亚必和必拓和力拓集团为代表的三家公司垄断了全球铁矿石75%的市场。
Last year, China imported 62.3 percent of its iron ore from Brazil, Australia and India. 2010年中国从巴西、澳大利亚和印度进口的铁矿石在全部需求中所占的比重高达62.3%。
But it hopes to dramatically cut that dependence by beefing up its efforts to explore and purchase overseas resources. 为了实现这一目标,中国将加大对海外铁矿石资源的开发力度,国家计划投入巨资收购海外铁矿石资产或投资入股一些大型铁矿石开发项目。
"China's iron ore imports from Chinese-invested companies are less than 10 percent," said Li.  "We hope the ratio will be increased to 50 percent in the next five to 10 years." 李新创说:“目前中国进口铁矿石中来自中国拥有所有权的项目所占的比例不到10%。”他说:“我们希望未来5-10年内这个数字能提高到50%。”

     China's business press carried the story above on Tuesday.

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