Winning Consortium and Baowu Resources have signed the key terms of the cooperation agreement for the northern part of the Simandou Project

Singapore, 30 september – Winning Consortium Holdings Pte Ltd. (Singapore) and Baowu Resources Co., Ltd. have signed the key terms of the cooperation agreement within the framework of the Simandou North project (blocks 1 and 2).

Mrs. Lv Xiaohui, CEO of Winning Consortium Holdings and Mr. Shi Bing, Chairman of the Board of Baowu Resources, signed the agreement during an online ceremony between Shanghai and Beijing.

The signing of the key terms of cooperation between the two parties means that China Baowu will now work as a potential investor in close collaboration with its partners in the Baowu Consortium and the Winning Consortium.

This partnership aims to promote the development of the North Project and Simandou’s infrastructure within a framework of win-win cooperation for all parties. This signature constitutes a major step forward, which will considerably promote the completion and progress of the entire Simandou iron mine project as well as the economic and social development of Guinea.

Notes to Editors

The mining concession of the Simandou north blocks (Blocks 1 and 2) are now held by Winning Consortium Holdings Pte Ltd. The Winning Consortium is formed by Winning International Group, Weiqiao Aluminum (member of China Hongqiao Group) and UMSI (United Mining Suppliers International). The Winning Consortium has a production capacity of 50 million tons of bauxite per annum in Guinea. In addition to its experience in the construction and operation of the Dapilon-Santou Railway, it also has unique advantages in ports, trans-shipment and ocean transportation.

The Baowu Consortium is a Chinese consortium led by Baowu and jointly formed by Chinese major steel companies, infrastructure construction and strategic investors for the co-development of the Simandou project.