Laigang inks Mauritania iron ore deal
27 August 2007
Laigang Group, a Shandong-based steel Laigang, has signed a long-term procurement contract with the US commodities firm Cargill and Mauritania National Iron Ore Corporation, Economic Observer reported (in Chinese). The deal, under which Mauritania will become a long-term strategic partner of Laigang, is being considered a milestone for China's steel enterprise to explore the Africa market. Laigang has established raw material bases in North and South America, Australia and Africa to ensure stable supply lines and lower purchasing costs. Mauritania produces 12 million metric tons of iron ore a year.