Simandou Iron Ore Project Equity Transfer Completed

Xinde Marine News, citing sources from Winning International Group, reports that Winning Consortium Simandou (WCS) and China Baowu Steel Group (China Baowu) have successfully completed the equity transfer for the Simandou Iron Ore Project, marking significant progress for the world's largest undeveloped iron ore deposit.

 

Strategic Partnership

The support and active involvement of the Guinean government were crucial in this collaboration. On May 30th, the government approved China Baowu’s investment, issuing a presidential decree. On June 19th, WCS and China Baowu completed the joint venture setup and equity transfer, welcoming China Baowu as an official shareholder.

 

Project Progress

Under the leadership of Winng Group Chairman Mr. Sun Xiushun, significant progress has been made with over half of the infrastructure completed. China Baowu’s involvement will help ensure the project is completed on time and production begins soon.

Localization and ESG Commitment

Both parties are dedicated to enhancing project competitiveness, promoting localized development, and adhering to Environmental, Social, and Governance (ESG) standards, ensuring local communities and stakeholders benefit from the project.

New Capesize Owner

According to the report of XINDE MARINE NEWS：https://lnkd.in/gwXNMVYj ， On May 31st, BAO-NYK Shipping Company Limited, a subsidiary of China Baowu Steel Group Corporation Limited, officially took delivery of its first Capesize bulk carrier, the BNS DONGSHAN. This marks a significant milestone for the company, transitioning from a non-vessel operating common carrier (NVOCC) to a ship owner. 

 

Baowu Steel Groupsaid: "In the future, this ship will also support the Simandou project, providing a more reliable solution for the stable transportation of iron ore, further ensuring the long-haul capacity for Baowu Resources' overseas mining projects."

by Xinde Marine News Chen Yang

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