China’s Wuhan to explore for iron in Madagascar

Reuters Africa reports that Wuhan Iron & Steel Co (SHA:600005) plans to start exploratory drilling for iron ore in Madagascar.

The market news is quoted as saying,

“Our investments are made in stages, depending on the results of the survey. The investment decision is expected in six to eight months, then will come the construction phase, which will last four years,” said WISCO Madagascar’s chief executive, Jun Yuan Lou.