It is reported that Chinese steelmaker Tianjin Iron and Steel Corporation Ltd has inked an iron ore purchase agreement with Hainan, China based iron ore miner Hainan Mining Corporation Ltd.
According to the agreement, Hainan Mining will supply an annual volume of 450,000 tonnes of iron ore to Tianjin Steel from the beginning of 2011 to the end of 2015 for an estimated aggregate contract volume of 2.25 million tonnes of iron ore.
Hainan Mining has proven reserves of 270 million tonnes of iron ore with an annual iron ore production of 4.6 million tonnes.
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