Huge Chinese State Iron Ore Buyer Still an Unknown Quantity
- CMRG set up a year ago to consolidate Chinese purchases
- Strategic plan reveals very little about how it will operate
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A year after China set up a company that’s expected to become the world’s biggest iron ore buyer, the firm and how it will operate remains shrouded in mystery.
China Mineral Resources Group was established last July to consolidate purchases for a nation that accounts for around three-quarters of the world’s iron ore imports. Ranked as the 36th most important state-owned company by Chinese authorities, the firm that’s poised to upend the $160 billion global trade in the steel-making staple still doesn’t have a website, or any public contacts.