Funds to expand

SHOUGANG Corp will invest US$700 million to US$1 billion to expand an iron ore mine in Peru, Chairman Zhu Jimin said in Beijing yesterday.

China's eighth-largest steel maker will need to upgrade facilities in the Peru mine, which will help meet the rising demand for iron ore, he said. There are still issues of access to power and natural gas supplies that need to be resolved at the mine, Zhu said. Construction of Shougang's plant in Caofeidian, Hebei Province, will be completed next year, he said.