China investment in overseas iron ore mines

KARACHI: China has intention to boost investment in overseas iron ore mines to confront the" international monopoly" on sea-born trade in the raw material used to manufacturing steel said by an industrial association in a statement.

Iron and steel association expressed their concerns that domestic companies should increase the business stakes in ore mines around the globe to reduce the import bills.

Chinese companies have been investing huge amount in iron ore mines in Australia, Africa and South America, already.