Winning Consortium and China Baowu sign milestone Agreement of Investment and Cooperation for Simandou Project
Conakry, Guinea, 6 September 2023 – The Simandou project’s development in Guinea has achieved yet another significant milestone. The Investment and Cooperation Agreement for the Simandou Iron-Ore Mine Blocks 1 and 2, along with its Infrastructure Project, was officially signed in Beijing yesterday. The signing ceremony brought together Winning Consortium Simandou (WCS) and Baowu Resources CO., Ltd (Baowu Resources), represented by LV Xiaohui, Chief Executive Officer of WCS, and SHI Bing, Chairman of Baowu Resources.
Last September, WCS and Baowu Resources laid the groundwork by signing the term sheet of an investment and cooperation agreement. That agreement aimed to establish a collaborative platform for the development of the Simandou project. Since July of this year, WCS has also achieved key agreements with the Guinean Government and other industry partners, including the CTG Shareholders Agreement and the Co-Development Agreement for the Simandou project infrastructures.
Today marks another pivotal moment in the advancement of the Simandou project. This new agreement solidifies a strategic partnership between WCS and China Baowu Steel Group Corp., the world’s largest steelmaker. It is poised to accelerate the remarkable progress and accomplishments that WCS has made over the years on the Simandou project. WCS now employs approximately 10,000 local staff and remains steadfast in its commitment to enhancing local infrastructure, generating employment opportunities, ensuring health and safety, preserving the environment, and contributing to community development, all within globally recognized ESG (Environmental, Social, and Governance) standards.
Winning Consortium Simandou, in close collaboration with the Government of Guinea and other investment partners, a is harnessing the collective strengths of all parties to jointly work towards Guinea’s sustainable economic and social development, with a shared goal to make a lasting impact on the well-being of the Guinean people.
Note to Editors:
Winning Consortium Simandou is a coalition of companies, including Singapore’s Winning International Group, China’s Shandong Weiqiao Group, and United Mining Supply International (UMS). With an annual production capacity of 50 million tonnes of bauxite and extensive experience in constructing and operating the Dapilon-Santou Railway and the Port of Dapilon in Guinea, Winning Consortium holds unique advantages in ports, transshipment, and ocean shipping. The mining rights for Simandou Iron Ore Blocks I and II are now under the ownership of Winning Consortium Simandou Holdings Pte. Ltd., with iron ore reserves totaling 1.8 billion tonnes.
China Baowu Steel Group Corp. is the world’s largest steel company. Led by the Group, the Baowu Consortium comprises leading Chinese steel companies, infrastructure developers, and strategic investors, all dedicated to the joint development of the Simandou project in Guinea.