The project is estimated to have 320 million metric tons of reserves
HANOI — Vietnam’s steel maker Hoa Phat said on Monday it has acquired the Roper Valley iron ore mine project in Australia, marking the company’s first step to secure its own supplies in the world’s biggest iron ore producer.
The project is estimated to have 320 million metric tons of reserves, with mining capacity at four million metric tons per year, Hoa Phat said in a statement.
A Hoa Phat spokesperson declined to disclose financial details, citing a confidentiality agreement.
Hoa Phat said it was also looking to acquire coking coal mines and more iron ore projects in Australia to fulfil at least 50% of its demand, equivalent to 10 million metric tons of steel per year.
Founded in 1992, Hoa Phat, which has a market capitalisation of more than $9.6 billion, is Vietnam’s largest steel maker with a crude steel production capacity of eight million metric tons a year, according to the company’s filing.
