Bukit Besi is a small mining town in Terengganu, Malaysia famous for its high quality iron ore. The ferum content of Bukit Besi's iron ore is more than 70% hence making it a very high grade sought after iron ore and is Malaysia's best known grade of iron ore. The iron ore reserve was discovered by the British during the colonial era. More than 90% of Bukit Besi's iron ore reserves have already been mined by colonial powers Britain and Japan in the 1900s. It is estimated that roughly 50 million metric tonnes of iron ore deposits remain as of today. Recent events have seen the Terengganu state government awarding iron ore mining concessions to China-based companies such as Eastern Steel and Shougang Steel whom together with their local Malaysian partners will mine the remaining iron ore reserves in Bukit Besi over the span of 25 years hence providing a new lease of economic opportunities for locals in the area.