China Baowu Steel Group (China Baowu) has become a shareholder in Simandou Blocks 1 and 2 – part of the world’s largest untapped iron ore deposit estimated at over 2 billion tons.
The Chinese state-owned iron and steel company acquired interests in the project from Winning Consortium Simandou (WCS), following the transfer of shareholder rights.
Under the co-investment agreement – signed June 19 – WCS and China Baowu have established a new Board of Directors, appointed senior executives and allocated shares for the joint venture to manage the mine, railway and port infrastructure.
The Simandou mining concession is divided into four blocks, with WCS and China Baowu holding Blocks 1 and 2 and a joint venture led by Rio Tinto, in partnership with Chalco Iron Ore Holdings and the Guinean government, holding Blocks 3 and 4.
