In 2011 our subsidy Rhine Mineral was partnered with Sinosteel for the Lobe iron ore project in Cameroon, concerning an investment of $660 million.
Cameroon Lobe iron deposit lies in the Archean strong metamorphic area, structurally located in the west limb of the east anticline which belongs a one-synclinal-two-anticlinal mulitple fold. This mining area is situated 40 km from the seaside town of Kribi with around 978.3 square kilometers; the main resources are magnetic iron ore. According to the investigation report, the total ore resources account for 631 million tons, with an estimated value of $402 billion.
Sinosteel has exploitation rights for 25 years and the annual production volumes is 4 million tons, of which 15% are processed locally.
Location: 40 km from the seaside town of Kribi
Mine Type: large-scale open-pit mining
Metals Mined: magnetic iron ore
Production: 4 million tons
Employment: 36,000 employees and contractors
Holland Rhine Group is a core enterprise in mining industry. We realized scale development through optimization of a strategic layout: in 2011, the main projects of us include iron making,steel-making, continuous casting, hot rolling, cold rolling and others started construction in succession.
We consolidate the market position of Sinosteel in the west region and give consideration to development of central Asia and western Asia by making full use of resource advantage in west Africa and policy advantage of western development.
In 2013, SinoSteel's primary business of iron and steel still maintained the leading position in the industry and SinoSteel Group was still among the top ten iron & steel enterprises in the world.
We receive the SCO/FCO from the seller, after being agreed on the offer, and negotiating relative terms successfully with the seller, we will issue our draft contract to the seller. After the draft contract being confirmed by both seller and us buyer, before we issue the Documentary Letter of Credit from the Prime Bank worldwide. 98% at the loading port, 2% at the discharging port.
For the first time cooperation, we will NOT issue the revolving DLC. Moreover, because our issuing bank is TOP BANK worldwide, the DLC does not need to be confirmed.
Our company does not issue neither BG nor SBLC.