China’s third largest steelmaker Wuhan Iron and Steel Group has received approval from the National Development and Reform Commission to acquire two assets in Africa that are expected to contribute nearly 2bn tons of iron ore deposits. One of the deposits is in Madagascar and the other is in Liberia.

Wuhan Steel has been looking to invest in more overseas iron ore assets to cut its reliance on imports. It aims to be self-sufficient in iron ore supplies in three to five years, said company chairman Deng Qilin in March.