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The world’s largest steelmaker China Baowu Steel Group has raised 10 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 – and United Mining Suppliers.
The entire Simandou project will be completed and put into operation in 2026, Baowu said in the document.
($1 = 7.1786 Chinese yuan)
(By Amy Lv and Andrew Hayley; Editing by Mark Potter)
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