398 medium- to large- desposits discovered
China discovered 3.52 billion tonnes of proven iron ore reserves in 2009, according to the country’s Ministry of Land and Resources.
In a report on its website on Friday the ministry said that 398 medium- to large-sized deposits discovered last year.
The ministry also said that newly-found proven oil reserves hit 1.12 billion tonnes in 2009 and newly-discovered natural gas reserves were a record 723.4 billion cubic metres
Adding to the ministry’s findings the National Development and Reform Commission said in a statement on Friday that China’s iron ore output reached 880 million tonnes in 2009. The figure for 2003 was 260 million tonnes.
The statement said that proven iron ore reserves total almost 10 billion tonnes in major deposits in the provinces of Liaoning, Hebei, Shandong, Sichuan and Anhui and added "China's domestic supply capacity in iron ore is growing steadily as new mines start operation.”
Chinese steel mills are currently locked in talks with overseas miners about iron ore prices and analysts believe that moving away from dependence on overseas supplies will lead to more stability in prices.
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