[SMM Iron & Steel] Corporate Update: Baowu Resources Finalises Control of Simandou Blocks 1 & 2

Published: Feb 2, 2026 13:47

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On 30 January 2026, China Baowu Resources Co., Ltd.—the core resource operations platform of the world's largest steel manufacturer, China Baowu Steel Group—successfully concluded the strategic acquisition of the development consortium for Blocks 1 and 2 of the Simandou iron ore project in Guinea, West Africa. By securing a 51% majority stake in the consortium, the company has formally established de facto control over the project.

Recognised as one of the world's premier undeveloped high-grade iron ore resources with a planned annual capacity of 60 million tonnes, this acquisition marks a significant breakthrough in Baowu Group’s development of overseas equity mines.

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