On January 19th, Winning Simandou 1, a groundbreaking Floating Transshipment Unit (FTU) led by Winning International Group and backed by Shandong Baowu Steel Group., was officially delivered at Tongmao Shipyard in Nantong.
The "Winning Simandou 1" is the first floating transshipment platform in the Winning International Group's fleet to be named after the Simandou Project, the world's largest greenfield mining initiative. The project, which has been a collaborative effort since 2019, reflects the shared determination and commitment of Winning International and its strategic partners, including China Baowu, to bring the Simandou Iron Ore project to life.
Sun Siyuan, Executive Vice President of Weili Group, highlighted that it will be a key member of the Winning-Baowu offshore transshipment fleet, providing critical logistics support to the Simandou Project. This project, not only vital for Guinea but also a significant international cooperation project, aims to make strides in economic, social, and environmental development.
The Simandou Iron Ore Project, located in the Simandou Mountains of southeastern Guinea, holds the largest and highest-quality untapped iron ore reserves globally, with a confirmed resource of over 2 billion tons. When fully operational, its annual production capacity is projected to reach 120 million tons, potentially expanding to 150 million tons, making it a cornerstone of China's iron ore supply chain.
In 2019, Winning International Group, in partnership with WEIQIAO Pioneering and Guinea's UMS, secured mining rights for the northern Simandou block with a $14 billion investment commitment. The project has since entered its development phase with major infrastructure projects, including a 650-kilometer railway and a deep-water port, progressing rapidly.
The partnership with China Baowu has accelerated the project’s development. In 2022, Baowu Resources entered into a cooperation agreement with the Winning Consortium, further enhancing the project’s logistics, mining operations, and low-carbon metallurgy efforts. This will significantly increase the resilience and security of China’s iron ore supply chain.
Once the project is operational, it is expected to bring substantial new opportunities to the global shipping industry, particularly for Capesize bulk carriers. According to Clarksons Securities, the demand for Capesize vessels is projected to surge, with an estimated 170 vessels required to handle the shipping of Simandou's iron ore to China by 2028.
by Xinde Marine News Pang Kai
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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