WISCO becomes largest stakeholder of Liberian iron ore mine
0 
China's business press carried the following stories on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.
WISCO becomes largest stakeholder of Liberian iron ore mine -- China Business News
Wuhan Iron and Steel (Group) Corporation (WISCO) entered into an agreement last Friday with China-Africa Development Fund, investing 68.46 million yuan (US$10.03 million) to obtain 60 percent equity of the cooperative iron ore mine in Bong County, central Liberia. This move is seen as a breakthrough in an overseas purchase following its initiatives in Australia, Brazil and Canada last year.
According to the agreement, WISCO will join the iron ore project as the biggest shareholder. The company gets to appoint the chairman of the board of directors, general manager and chief financial officer to the project.
The iron ore mine, located in southwest Bong County of central Liberia, is a large strip mine. Its demonstrated reserve is 1.31 billion tons, with the ore grade averaging to 35.48 percent. The mine has a potential reserve of 2.79 billion tons, meaning the total reserve could reach 4.10 billion tons.
China's steel exports increased in Feb -- China Securities Journal
Steel exports, including rerolled steel and finished steel, reached 2.49 million tons in February. According to the National Bureau of Statistics, this was 59.62 percent higher than the same period in 2009.
Expanding that period to include January, steel exports for the first two months of this year totaled 5.38 million tons, an increase of 55.1 percent when compared to last year.
An analyst from UBS Securities predicts that China's steel exports will continue to rise throughout the first half of 2010.
BYD's net profit almost tripled in 2009?-- Sina.com.cn
The total sales of BYD (stock number 01211) in 2009 reached 39.47 billion yuan (US$5.78 billion), with an increase of 47.34 percent. BYD had a net profit of 3.79 billion yuan (US$555.22 million), 2.7 times more than in 2008, according to a news report from a Hong Kong media agency.
Based on the report, the company's battery and cell phone sectors did not perform well because of the financial crisis. However, its auto sector finished with outstanding numbers, greatly contributing to the growth of its yearly sales in 2009.
BYD has vowed to improve its auto production capabilities and further expand sales channels in a bid to boost its inland market share and overseas exploration.
