Shougang to expand Hierro output

Shougang plans to spend another $1 billion on its Peruvian iron ore project Hierro in the next five years. Shougang took over 98.4 percent of the near-bankrupt state-owned mine on May 11, 1992 for $118 million. Since then, the project has more often than not been crippled by labor strikes on various grounds. The latest protest was just put out on April 1. However, the announcement of the further investment demonstrated Shougang's confidence in the mine.