Vietnam-based steelmaker Hoa Phat Group is getting ready to make its first shipment from the Roper Valley iron ore project in Australia later this month, according to media reports.
In May last year, Hoa Phat purchased the Roper Valley iron ore mine with estimated reserves of 320 million mt and an annual mining capacity of four million mt. Meanwhile, the mine also has about 300,000 mt of ore already stockpiled, SteelOrbis understands. Local sources state that the product is probably going to Hoa Phat’s own steel mills, since it is the biggest steel producer in Vietnam. Last year, the company said it was looking to buy more mines in Australia to supply its mills in Vietnam.
On the other hand, Hoa Phat is planning to cut its production of billet, wire rod and hot rolled coil at Hoa Phat Dung Quat complex, according to sources.