Hoa Phat successfully purchased an iron ore mine in Australia
On May 28, 2021, the Australian Federal Foreign Investment Commission (“FIRB”) approved the contract to purchase 100% of the shares of the Roper Valley Iron Ore Mine Project by the Australian subsidiary of Hoa Binh Group. Phat. Roper Valley iron ore mine has estimated reserves of 320 million tons.
After a period of searching and preparing, Hoa Phat Group has firmly set its first step into the market with the largest iron ore supply in the world, Australia.
After the transaction is completed, Hoa Phat is the Roper Valley Iron Ore Project owner with an estimated reserve of 320 million tons and a mining capacity of 4 million tons/year.
Currently, Hoa Phat Group continues to research to invest in buying some new iron mines in Australia to ensure a long-term supply of at least 50% of the Group’s iron ore demand (equivalent to 10 million tons/per year). year).
Besides, the raw material that constitutes up to 30% of the steel price is coking coal, which is currently imported by Hoa Phat from Australia – the world’s largest coking coal supplier market. The group is studying to buy a few Australian coking coal mines in the future to gradually become self-sufficient in this important production material.
Currently, Hoa Phat Group continues to research to invest in buying some new iron mines in Australia to ensure a long-term supply of at least 50% of the group’s iron ore demand, equivalent to 10 million tons. /year”, Hoa Phat representative informed.
According to a representative of Hoa Phat, the raw material that currently constitutes up to 30% of steel prices originates from coking coal being imported by Hoa Phat from Australia – the largest supplier of coking coal in the world.
Therefore, the possibility that Hoa Phat will continue to “research” so that in the future it may buy a few Australian coking coal mines to gradually become self-sufficient in this important production material is being carefully considered.
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