China claims Asia's largest iron ore discovery at Liaoning

China is reported to have discovered Asia's biggest iron ore deposit in the country's Northern Province of Liaoning, with estimated reserves of more than 3 billion metric tons, according to the Liaoning Provincial Bureau of Geology and Mineral Resources.

However, officials of the Bureau of Geology and Mineral of Liaoning  in Liaoning province say that the deposit located at the Qiaotou Township, Pingshan District, Benxi City, could be as much as 7.6 billion tonnes, making it, the world's largest iron ore deposit.

The iron ore found between 1.2km and 2.015km underground at the Dataigou deposit, located near Benxi city, has a mix of magnetite and hematite and the iron content is said to be between 25 per cent and 62 per cent.

The local government released a statement saying that geologists from the Bureau drilled 17 holes in an area covering 4km by 3km, with iron ore being found in 12 of them.

The Chinese government will take a decision as to whether to allow Anben Steel Group, parent of Angang Steel and Benxi Iron & Steel Group, which is located close to the deposit, to develop the mine.

According to Reuters, which quoted a "local geological official," the mine would require an investment of 2.5 billion yuan ($366 million) and take about four years to develop.