On November 27, Hebei Province-based Chinese miner HBIS Resources Co., Ltd announced that, due to the rise in iron ore prices in the second half of the year and the addition of high-grade iron ore sales, its board of directors has approved a proposal to increase the iron ore sales volume to HBIS Hong Kong by a value of RMB 400 million.
After the adjustment, it is estimated that HBIS Resources’ sales of iron ore to HBIS Hong Kong will reach a value of RMB 1.171 billion ($0.16 billion) in 2025, including RMB 812 million in the January-October period.
HBIS Resources indirectly controls South Africa’s Palabora Mining Company (PMC) through Smart Union Resources (Hong Kong) Co., Ltd., while HBIS Group is the controlling shareholder of HBIS Resources.
The iron ore supply will be shipped from South Africa to HBIS Hong Kong and then sold on to Chinese steelmakers.