Baowu Group will invest over 70% of the funds raised in the development of the Simandou project in the North District, which may be on-stream in 2026

China Baowu Group will publicly issue "Belt and Road" corporate bonds for technological innovation and low-carbon transformation to professional investors in 2024. No less than 70% of the funds raised from this bond will be used in the northern block of Simandou Iron ore project. The development of the project in Guinea will help China's steel industry implement the "double carbon" goal and become a strong support for green and low-carbon development of China's steel industry. It will also be one of the major measures for China and Guinea to jointly build the "Belt and Road" in the mining field, greatly promoting the cooperation between the two countries in iron ore field. The northern block of the project adopted hydrogen reduction technology that was the only way to achieve low-carbon transformation in global steel industry. The average grade of Simandou iron ore was over 65%, making it a rare high-grade iron ore.