https://www.miningweekly.com
Africa|Aluminium|Construction|Iron Ore|Mining|PROJECT|Steel
Africa|Aluminium|Construction|Iron Ore|Mining|PROJECT|Steel
africa|aluminium|construction|iron-ore|mining|project|steel

China Baowu raises $1.4bn via bond, mostly for Simandou iron-ore project

30th January 2024

By: Reuters

  

Font size: - +

The world's largest steelmaker China Baowu Steel Group has raised ten-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 1378.HK - and United Mining Suppliers.

The entire Simandou project will be completed and put into operation in 2026, Baowu said in the document.

Edited by Reuters

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Environmental Assurance (Pty) Ltd.
Environmental Assurance (Pty) Ltd.

ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.108 0.139s - 89pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: