https://newsletter.en.creamermedia.com
Infrastructure|Iron Ore|PROJECT|Steel|Infrastructure
Infrastructure|Iron Ore|PROJECT|Steel|Infrastructure
infrastructure|iron-ore|project|steel|infrastructure

China Baowu completes purchases of stake at Simandou project

21st June 2024

By: Bloomberg

  

Font size: - +

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, 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.

Edited by Bloomberg

Comments

 

Latest News

SAPVIA CEO Dr Rethabile Melamu
South Africa PV capacity increases 12% in 2024
20th December 2024 By: Schalk Burger

Showroom

Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 
SMS group
SMS group

At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 13 December 2024
Magazine round up | 13 December 2024
13th December 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.387 0.488s - 192pq - 2rq
Subscribe Now