Sinosteel inks $690M contract for Lobe iron ore mine in Cameroon – Bloomberg

Sinosteel Corp. signed a $690 million, 50-year contract to exploit the Lobe iron ore mine in Cameroon as China moves to reduce reliance on Australian and Brazilian ore, Bloomberg News reported May 9.

The company looks to initially produce 10 million tonnes per year of ore containing 33% iron from Lobe, which is estimated to contain 632.8 Mt of iron ore, according to the report, which cited a statement from Zheng Zhengao, head of Sinosteel's Cameroonian subsidiary.

Lobe's output will then be enriched to 4 Mt of high-grade ore with over 60% iron content, the report added.

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