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Dongbu to develop iron ore in SA

South Korean steelmaker Dongbu Steel, together with state-run Korea Resource Corporation, has signed a memorandum of understanding with South Africa's Kermas to develop iron ore and titanium in South Africa.
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Under the agreement, the three companies will build a smelting plant in Stoffberg, north of Johannesburg, to produce 1.2 mtpa of iron ore.

The cost of the plant is estimated at US$475M.

The two Korean firms plan to buy 50% of the new plant's iron and titanium once it is completed in 2013.

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