Sep 07, 2023 05:22 PM

BUSINESS

Baowu Steel Forges Deal to Develop Simandou Iron Ore Mine

By Ding Yi and Luo Guoping

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What’s new: The world’s largest steel producer, China Baowu Steel Group Corp. Ltd., has officially inked a deal with a Chinese-backed consortium to develop part of the massive West African Simandou mine, the state-owned steel giant announced Wednesday.

Under the agreement, Baowu subsidiary Baowu Resources Co. Ltd. and Winning Consortium Simandou (WCS) will work together to develop blocks 1 and 2 in the northern part of the Simandou project in Guinea.

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