SHANGHAI Aug 16 (Reuters) - China's Wuhan Iron and Steel Group is in talks with ArcelorMittal (MT.N), the world's top steelmaker, on the joint development of overseas iron ore, according to a statement released on Monday.

The two sides are currently discussing joint exploration and investment in two overseas mining projects, said the Chinese company, the parent of the listed Wuhan Iron & Steel (600005.SS).

ArcelorMittal has a total iron ore production capacity of 51 million tonnes per year, and aims to raise that to 100 million tonnes over next five years, the statement said.

Wuhan Iron & Steel Group has sought to develop overseas iron ore resources to reduce its heavy reliance on the three major global suppliers -- Rio Tinto (RIO.AX), Vale (VALE5.SA) and BHP Billiton (BHP.AX)(BLT.L).

The company said earlier this year that it aims to become entirely self-sufficient in iron ore within three to five years, and already lays claim to around 3 billion tonnes of overseas ore reserves.

It bought a 21.52 percent stake in Brazilian miner MMX (MMXM3.SA) late last year in a deal that also included a 20-year iron ore supply contract set at an acceptable "China price" [ID:nSGE627011]. (Reporting by Ruby Lian and David Stanway; Editing by Jacqueline Wong)