Chinese steelmaker China Baowu Group has indicated that it will restart the Hardey iron ore project in Australia. With the project, which has an annual output of 40 million mt of high-grade iron ore, the company is expected to obtain a stable source of iron ore imports. The first iron ore is expected to be shipped in 2023.
The high-grade iron ore within the project is developed by the company’s subsidiary Aquila, Australia-based iron ore producer Hancock and other partners.
The project with an initial investment of $7.4 billion includes mines, ports and railway projects.