- Write by:
-
Tuesday, January 30, 2024 - 21:37:08
-
104 Visit
-
Print
The world’s largest steelmaker China Baowu Steel Group has raised 10 billion yuan ($1.4 billion) from a bond issue, in part for the giant Simandou iron ore project in Guinea, it said on Monday.
The capital, raised by issuing three-year fixed rate bonds with an annual coupon rate of 2.45%, will be used for operating expenditure, including debt repayments, working capital and project construction, the company said in a document filed to the Shanghai Stock Exchange last week.
At least 70% of the capital raised will be used for the northern blocks of the Simandou project, according to the document.
The Simandou project in southeastern Guinea in West Africa is set to be the world’s largest and highest grade new iron ore mine.
The two mining blocks in the northern region are being developed by Winning Consortium Simandou (WCS), made up of Singapore-based Winning International Group, Weiqiao Aluminium – part of the China Hongqiao Group – and United Mining Suppliers.
The entire Simandou project will be completed and put into operation in 2026, Baowu said in the document.
Short Link:
https://www.miningnews.ir/En/News/627936
Brazil’s Corumba region could more than double iron ore shipments through neighboring Uruguay this year if there is ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Brazilian miner Vale SA sees no impact from BHP Group’s bid for Anglo American on the latter’s Minas-Rio project, its ...
Iron ore futures were poised for a third straight weekly rise as prices largely consolidated gains on Friday, with ...
Zimbabwe’s President Emmerson Mnangagwa has re-appointed Winston Chitando as the southern African nation’s mines ...
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
Mining company Vale expects to reach a final agreement with authorities for reparations for the collapse of the Samarco ...
Brazilian miner Vale on Wednesday said lower prices for iron ore, nickel and copper in the first quarter dragged down ...
No comments have been posted yet ...