OREANDA-NEWS. November 17, 2011. Hebei Iron and Steel Group (HBIS) has promised to transfer its iron ore operations and related assets to its subsidiary Hebei Iron and Steel Co Ltd (Hebei Steel) at a fair market price shortly  after Hebei Steel completes the acquisition of Hanbao Iron and Steel Co Ltd due for November 30.

These assets include the Sijiaying Iron Mine, the Heishan Iron Mine and Shirengou Iron Mine that together boast at least one billion tons of iron ore reserves and seven million tons per year of production capacity for iron concentrates in total. When time is ripe, all of the groupбпs mining assets will be injected into the listed arm.

HBIS has put approximately five billion tons of household iron ore resources under control, and is slated to produce seven million tons of iron concentrates this year. With several new projects coming on stream in the next couple of years, the figure is expected to increase to 35 million tons per year by 2015.