RSS 2.0 FeedJune 2010 Vol 15, Mining and Industry Indaba
S KOREA'S POSCO TO TAP SILICA, OTHER MINERALS IN ZIMBABWE
South Korea's leading steelmaker, said Thursday that it plans to set up joint ventures in Zimbabwe as part of efforts to secure stable supplies of key raw materials.
South Korea's leading steelmaker, said Thursday that it plans to set up joint ventures in Zimbabwe as part of efforts to secure stable supplies of key raw materials.
The world's fourth-largest steelmaker said it has signed a memorandum of understanding with Zimbabwe-based Anchor Holdings for cooperation in the development of silica and other minerals. Silica is a raw material used to make ferro-silicon.
POSCO has been seeking to buy coal and iron ore mines in countries such as Australia, Canada and Brazil in a bid to secure stable supplies of these materials used to make steel products.
The company's self-sufficiency ratio of key raw materials is estimated at 18.3 per cent this year, well below the world's leading steelmaker Arcelor Mittal's 46 per cent.
POSCO said it is seeking to push up its self-sufficiency ratio to over 50 per cent by 2014.
