Chinese iron ore trader Minmetals Group's ore project in Anhui province has deposit potential of up to 155 million tons worth nearly 50 billion yuan, Caijing Online reported yesterday, quoting an unnamed source from the Anhui Geology Exploration Bureau (AGEB).

The deposit, named Nihe iron ore mine, was currently under exploration, and is expected to start production in 2010, the Chinese-language magazine's website quoted the source as saying.

The exploration work on the mine started in 2007, and within two years, the total iron ore deposit was calculated at 155 million tons, Caijing Online said.