Major Chinese steelmaker China Baowu Group announced on January 24 that it plans to issue corporate bonds of a value not exceeding RMB 10 billion ($1.4 billion), of which 70 percent will be used to develop the northern Simandou iron ore mines located in the Republic of Guinea, West Africa.
According to Baowu Group, the construction of the Simandou iron ore project has been proceeding smoothly, with the mine likely to be put into operation by 2026.
The average Fe content of iron ore in the Simandou iron ore mines exceeds 65 percent, while they have an annual production capacity of 120 million mt.