Reuters: Chinese steelmaker HBIS lines up investment in Peru iron ore mine
Mon August, 2020, Age: 2 years
A subsidiary of China’s second-largest state-owned steel company, HBIS Group, announced that it had signed an initial deal to develop the Pampa de Pongo iron ore mine in Peru. HBIS will set up a joint venture with the current license-holder Zhongrong Xinda to construct and operate the mine and nearby port. China is the world’s largest consumer of steel, and this deal marks HBIS’ first investment in South America. In addition to iron, the mine also contains deposits of rare earth minerals that are necessary for the manufacture of all chip-enabled devices. China has been working for decades to secure its access to resources which it views as a national security imperative, and currently controls more than 95 percent of the world’s production of rare earth metals.