Hegang Acquires 25% of Canada’s Kami Iron Ore Project

Platts reported that Chinese steelmaker, Hebei Iron & Steel Group (Hegang) said it is now 25% owner of Kami iron ore which is located in Canada’s Labrador Trough.

As quoted in the market news:

On March 27 the Chinese steel producer made the final payment of C$119.9 million ($118 million) for its stake to Alderon Iron Ore, Hegang’s Canadian partner and owner of the remaining 75% of the Kami project. All up, the Hebei province-based steelmaker has paid C$182.2 million for its quarter-share in the project.

Click here to read the full Platts report.