Tanzania, Chinese firm sign $77 mln iron ore mining project

Tanzania's state-owned National Development Corporation (NDC) on Saturday signed a $77.4 million agreement with China's Fujian Hexingwang Industrial Co. to jointly develop the Maganga Matitu iron ore project at Liganga in Ludewa District, Njombe Region, according to local media.

With an assessed 101 million tonnes of iron sediment, the Maganga Matitu project targets to produce at least 1 million tonnes of sponge iron annually. The Tanzanian government will hold a 36% stake at the mine and the remaining 64% by Fujian Hexingwang Industrial, Mysteel Global learned. The agreement was signed in the presence of Tanzania's