Hiap Teck Ventures (HTV) subsidiary Eastern Steel has unveiled a 600ha mining concession for iron ore in the Bukit Besi area of Terengganu, Malaysia.

The 2,400ha Bukit Besi area holds 50Mt of iron ore reserves.

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The announcement was made as Eastern Steel broke ground at its 1,200-acre site steel complex, which was built with an investment of MYR1.8bn ($576.2m) in Kemaman.

The first phase of the complex, which will be built with an investment of MYR754m ($ 241.39m), will be complete in 2013.

The second phase will involve a further investment of MYR1.05bn ($336.16m) and is scheduled to be completed ten months after phase one, reports thestar.com.

HTV has a 55% stake in Eastern Steel, while China Shougang Group has a 40% stake and Chinaco Investment has 5% stake.

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China Shougang unit Shougang Singapore will take up a private placement of 32.2 million new shares, equivalent to a 9.84% stake in HTV.

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