BEIJING, June 25 (RIA Novosti) - China has discovered a new iron ore deposit in the country's northeast, which is believed to be the largest in Asia, the Chinese news service Zhungguo wang said on Thursday.
The deposit, which was discovered in the Liaoning Province, has estimated reserves of 3 billion metric tons, with the metal content in the iron ore varying from 25% to 62%. The deposit could be worked for 50 years, the news service said.
The news of the major discovery in China pushed up shares of Chinese metals companies. The stock of metals giant Baosteel grew 3% and Angang Steel 7.42% on Wednesday.
