The launch ceremony for China Mineral Resources Group was held in Beijing on Monday. Chinese Vice Premier Han Zheng attended the ceremony and inaugurated the company, China Central Television (CCTV) reported on Monday.

The launch of the mineral resources giant is of great significance for enhancing China's ability to ensure the supply of important mineral resources, secure supply chains and promote high-quality development, CCTV reported.

As a wholly state-owned company directly managed by the central government and a state-authorized investment institution, the company will adhere to the principles of openness, win-win cooperation, and market-oriented and law-based operation. It aims to build itself into a world-class comprehensive mineral resources service enterprise with global competitiveness and influence, the report said.

With registered capital of 20 billion yuan ($2.97 billion), the company will engage in exploration of mineral resources, ore mining and import and export of minerals, as well as supply chain management services, investment activities and asset management services, according to Chinese business data platform Tianyancha.

The launch confirmed a long-rumored move to create a centrally administered state giant to have a bigger say in ore pricing by leveraging China's strength as the world's largest consumer of iron ore, the Global Times learned.

Iron ore is a raw material that plays a key role in the national economy. However, even though it is a major producer and consumer of iron and steel, China depends heavily on iron ore imports. China gets 64.7 percent of its iron ore from imports, China Merchants Securities disclosed in a research report in April.

The new behemoth will shoulder the historic task of improving the bargaining power of China's steel industry.