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China Minmetals Corp. and Shunde Rixin Development Co. plan to develop an iron-ore mine in Chile, a move that is part of China's recent efforts to break free from foreign control of ore prices. Dec 31, 2009 China's Guangdong Province-based privately-owned automobile manufacturer Shunde Rixin Development Co. Ltd. (Rixin Development), recent buyer of over 70 percent of the exploration rights to a 3 billion mt iron ore deposit in Chile, has signed an outline agreement on strategic cooperation with international logistics company COSCO Logistics for the transportation of its iron ore from Chile. Dec 28, 2009 Guangdong province-based privately-owned automobile manufacturer Shunde Rixin Development Co. Ltd. (Rixin) has purchased over 70 percent of the exploration rights to a 3 billion mt iron ore deposit in Chile, various Chinese press sources reported. Dec 28, 2009 Rixin Development inked a deal Saturday to acquire a 70 percent stake in an iron ore mine in Chile, the Guangzhou Daily newspaper reported Sunday. Financial details Dec 31, 2009 Guangdong-based Rixin has already acquired a 76 percent stake in three Chilean iron ore mines at a cost of 13 billion yuan, the 21st Century Business Herald reported on Dec 29, citing Rixin Jan 15, 2010 A Chinese company's December 26 announcement for its acquisition of a 3 billion ton iron ore reserve from Chile has shocked the Chinese mining industry. The company, Rixin Development Co. Ltd., is a private enterprise in Shunde, Guangdong Province. According to Rixin, the three mining sites access a 5 billion ton deposit, covering a mining area Chile’s iron ore production capacity is expected to reach 33.3 million tpy by 2026, according to a report published by the national copper commission, Cochilco. This volume would represent a growth of around 80% compared with 2014’s output level. Apr 16, 2014 Chile’s Compañía de Acero del Pacífico (CAP) will spend over US$650 million this year to develop iron ore projects in the country, with most of the investment going to its Cerro Negro Norte Historically, Chile has only been attractive to local companies interested in iron. However, for the past three years, junior exploration companies specializing in iron have shown increased interest, as have local producers and international companies looking for more sources of iron ore. The offices of CAP Group, the leading iron ore and pellets producer on the America Pacific Coast, the largest steel producer in Chile and the most important steel processing company in the South Cone, are located in the city of Santiago. The Cintac facilities are also located in Chile’s Capital city.
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CAP S.A. is the leading iron ore mining, steel producer