CHINA MINE ENGINEERING

The Chinese steel industry has been contributing half the global output. However, dependence on foreign iron ore has been restricting the development of the whole industrial chain for a long time. Heavy reliance on imports makes China’s spent on iron ore second only to that for integrated circuits and crude oil in foreign exchange. The lack of self-sufficiency of resources puts a country in a weak bargaining position internationally and further poses risks to national resource security. Based on this fact, China rolled out the “Foundation Plan” and created China Mineral Resources Group to further integrate domestic resources, coordinate the development of overseas resource and enhance industry concentration, in order to increase international competitiveness of the industry and safeguard national resource security.