China finds Asia's largest iron-ore deposit, again
China announced that it has discovered Asia's largest iron-ore deposit in Benxi, Lioning provice - again. It is unclear whether this is a new deposit or a re-run of the news first published on April 30th.
The report this time round quotes reserves of 3 billion metric tons rather than 2 billion, but doesn't mention the 1,000m between the ground and the reserves that made the previous discovery less of an excitement.
Bengang Steel Plates Co. (SZ:000761), a steel maker based in Benxi, surged to the 10 percent trading cap. Angang Steel (SZ:000898;HK:0347), the largest steel maker in Liaoning province, added 7.42 percent on Shenzhen trading and 5.32 percent on Hong Kong trading.
