New iron ore mining projects are seeking and finding China backers as steeply rising prices add urgency to the country's quest to secure fresh supplies.
Last month's doubling of contract iron ore prices was pushed through by BHPBilliton and Vale, which supply China's steel mills from the two nodes of iron ore exports: Australia and Brazil.
But China financing stands to open new iron ore provinces like west Africa and Russia, potentially easing the dominance of Vale, BHP and Rio Tinto.
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