The Roper Valley iron ore mine is estimated to have 320 million tonnes of reserves
The acquisition marks Hoa Phat s official foray into the world largest iron ore supply market. Australiaâs Foreign Investment Review Board (FIRB) has approved the deal.
Accordingly, the Roper Valley iron ore mine project is estimated to have 320 million tonnes of reserves, with a mining capacity of four million tonnes per year.
Hoa Phat will continue to research purchasing other new iron mines in Australia to ensure a long-term supply of at least 50 per cent of its iron ore demand (equivalent to 10 million tonnes a year).
Vietnam: Leading steelmaker to buy first iron ore in Australia
Hoa Phat Group has been allowed to purchase an iron ore mine in Australia with estimated reserves of 320 million tonnes.
The mine, called Roper Valley, has a mining capacity of four million tonnes per year, the Hoa Phat Group said in a statement, without revealing the value of the deal.
This is Hoa Phat’s first major investment in Australia, which holds the world’s largest supply of iron ore, and the group is considering buying more projects there to have a total annual capacity of 10 million tonnes a year, or half of the group’s demand.
The Hoa Phat Group has announced that it had received approval from Australia’s Foreign Investment Review Board to purchase an iron ore mine in the country.