Baosteels (the parent company board) THE vice chairman whose pic I've posted several times visited CWRN mine ca Dec 2011 when Bao paid for ca 60 k tons of ore before even shipped-before much of it had even trucked.
I figured he didnt leave China for anything less than a JV,which at the time seemed possible with Pres of Bao Brazil supervising the drilling and testing,which I thought extraordinary for a foreign executive despite the Chinese being sticklers for quality testing-
which is in a way ironic because Chinese domestic ore is very poor at ca 15% content and falling (cf CWRN's ore tested 64.5% for iron and 55.42-55.92% for waste fertilizer product)

But you could tell from public comments CWRN wasnt ready to relinquish control just yet after spending 15 years producing a rare successful mining startup.

Bao has been CWRN's main buyer of CWRN's core ore product and Apr 13 2012 PR mentioned possibility of JV benefication plant-something made more possible by Vice Chairs visit-for he didnt imo personally have to visit to just prepay for 60k tons ore-ZHao -Pres of Bao Brazil who is also worldwide procurement mgr, probably was empowered to do something like that-so this is part of unknown possible negotiations going on behind the scenes.  See Bingos comment months ago about the Chinese wanting in-something the Chinese are doing around the world due to their falling ore content,so this is known independent of bingo's comment.

• 
  Xu Lejiang
  Chairman


• 
  Liu Guosheng
  Vice chairman


• 
  He Wenbo
  Director


• 
  Gan Yong
  Outside director


• 
  Wang Xiaoqi
  Outside director


• 
  Buck Pei
  Outside director


• 
  Victor K. Fung
  Outside director


• 
  Wu Yaowen
  Outside director


• 
  Jing Tianliang