Abterra, the supply chain manager of resources and minerals in Asia Pacific, says it has completed the acquisition of a 22.8% stake in Zuoquan Xinrui Metallurgy Mine Co. from Shenzhen Manfu Industrial Company for RMB390.5 million ($77.6 million).

Xinrui owns two iron ore mines in Shanxi province, China, which is one of the major steel producing provinces within the country. Occupying a 10ha area, the mines have a total combined reserve of 34.7 million tonnes of iron ore. Production at the mines has been ongoing and together can churn out up to 400,000 tonnes of iron ore per annum.

Xinrui has recently completed the construction of an ore concentrating facility; this will enable the mines to accommodate any future increase in production— up to 900,000 tonnes per annum.