China floats 'national iron ore fund' to boost domestic production

China is considering setting up a national iron ore fund to support the development of its domestic iron ore production, China Iron & Steel Association (Cisa) chairman He Wenbo said.

The fund will use an estimated 90 billion yuan ($12.57 billion) from tax levies to support domestic iron ore development and ensure that China is capable of meeting up to 20% of its total iron ore demand.
Income tax from domestic iron and steel enterprises will be used to expand new mines in China.

China will also work with major foreign...

Published

Paul Lim

May 27, 2020

09:03 GMT

Singapore