China's plan to break foreign iron ore dependence -- Mine more at home

The creation of China's new state-owned iron ore giant -- built to consolidate the nation's mining investments and coordinate purchases of the key steelmaking input -- is being felt everywhere from Simandou to Sydney.

The idea is that China Mineral Resources Group, founded on July 19 with registered capital of 20 billion yuan ($3 billion), will centralize purchasing for state-owned steel-makers and traders to create a unified front in negotiations with foreign suppliers. It will also house overseas mining assets.