Chinese Baosteel Expects First Shipment from Simandou by End of 2025

Baoshan Iron & Steel (Baosteel), China's largest steel producer listed on the stock exchange, announced that it expects to complete the infrastructure construction of the Simandou iron ore project in Guinea and to ship the first cargo by the end of 2025. The project, which has an annual production capacity of 120 million tons, is preparing to become the world's largest mine for high-grade iron ore, a key element in the green transformation of the global steel value chain. Simandou consists of four mining blocks, including two in the northern region, developed by a consortium comprising Winning International Group, Weiqiao Aluminium (part of China Hongqiao Group), and United Mining Suppliers. After the completion of the transfer of shareholder rights by the Winning Consortium Simandou (WCS) in June, Baowu became a significant shareholder. In its announcement regarding third-quarter results, the company stated, "Since Simandou is rich in high-grade resources with favorable mining conditions, the production cost is expected to be relatively competitive."