- Write by:
-
Friday, June 21, 2024 - 17:08:23
-
54 Visit
-
Print
China Baowu Steel Group has completed its purchase of a stake in the Simandou project in Guinea, as China’s top steelmaker looks to expand its interest in the world’s largest untapped iron ore mine.
Baowu bought an undisclosed stake from Winning Consortium Simandou, which owns the two northern blocks of the project, the Chinese steel mill said in a statement on Thursday. The consortium that sold the stake comprises Singapore’s Winning International Group and aluminum maker China Hongqiao Group.
Baowu first flagged its intention to invest in the northern blocks in 2022.
Simandou has some of the world’s richest deposits of iron ore, used to make steel in blast furnaces, but its development has been stymied for years by disputes over ownership and the mine’s infrastructure, as well as by political changes in the West African country.
Simandou’s other two southern blocks are held by Australian iron ore giant Rio Tinto Plc, in partnership with Aluminum Corp. of China and other Chinese companies including a Baowu unit.
First production from the mine is expected in 2026, and the goal is to also build a steel factory and pellet plant in the 2030s.
Short Link:
https://www.miningnews.ir/En/News/628607
![Vale sells $1 billion in return to global debt markets](/Incsys/Photo.aspx?image=/Uploads/News/20240708022505609.jpg&width=236&height=180)
Vale, the world’s second largest iron-ore producer, tapped international bond markets for the first time in a year amid ...
![The annual general assembly of Gol Gohar Iron and Steel Development Company was held](/Incsys/Photo.aspx?image=/Uploads/News/20240616230102733.jpg&width=236&height=180)
Mining News Pro - The Annual General Meeting of Gol Gohar Iron and Steel Development Company was held on June 9 with the ...
![Iron ore price falls for a third week on China demand woes](/Incsys/Photo.aspx?image=/Uploads/News/20240624134955891.jpeg&width=236&height=180)
Iron ore futures rose for a second straight session on Friday, supported by higher-than-expected hot metal output, ...
![Vedanta subsidiary Western Cluster plans $2bn Liberia investment](/Incsys/Photo.aspx?image=/Uploads/News/20240624133701994.jpeg&width=236&height=180)
Commodities group Vedanta’s Western Cluster subsidiary intends to invest $2 billion in Liberia over the next five years ...
![Western Australia resolves mining imbroglio threatening licences](/Incsys/Photo.aspx?image=/Uploads/News/20240618140737549.jpg&width=236&height=180)
Western Australia’s government has approved draft legislation that will ensure the security of mining licences and ...
![Iron ore price tumbles to 2-month low on concerns over weakening China demand](/Incsys/Photo.aspx?image=/Uploads/News/20240618133915400.jpeg&width=236&height=180)
Iron ore futures fell to a two-month low on Tuesday, weighed down by lingering weak fundamentals and concerns over ...
![Iron ore extends gain on easing China demand concern, Fed rate cut bets](/Incsys/Photo.aspx?image=/Uploads/News/20240615005543709.jpeg&width=236&height=180)
Iron ore futures rose for a second straight session on Friday, underpinned by easing concerns over demand prospects in ...
![Brazil seeks $20.7 billion from Vale, BHP over 2015 dam collapse](/Incsys/Photo.aspx?image=/Uploads/News/20240615001516833.jpg&width=236&height=180)
Brazil’s government presented on Thursday a counteroffer requesting that miners Vale and BHP and their joint venture ...
![Iron ore price hits seven-week low on softening China steel demand, higher supply bets](/Incsys/Photo.aspx?image=/Uploads/News/20240611205558721.jpeg&width=236&height=180)
Iron ore futures extended their decline to a fifth straight session on Wednesday, hitting a seven-week trough, pressured ...
No comments have been posted yet ...