Wuhan Steel signs agreement with Madagascar on mineral resources development

Wuhan Iron & Steel Group, a major steel maker based in central China's Hubei province, has signed a cooperation agreement with Madagascar on joint development of mineral resources, according to a report from China Securities News.

A Hubei provincial economic delegation paid a visit to Mozambique and Madagascar recently.

Wuhan Iron & Steel Group is working on development of overseas resources, and the cooperation can help to meet this demand, as Madagascar is the world fourth largest island with rich mineral resources.

Before this, Wuhan Iron & Steel has joined hands with Hong Kong Kam Hing International Holdings to register a joint venture in Hong Kong to conduct feasibilities studies on resource exploitation in Madagascar.

According to the agreement, the mineral products explored by the joint venture will be totally supplied to Wuhan Iron & Steel Group.