Hong Kong-based Honbridge Capital Limited and Baosteel Resources Co., Ltd, a subsidiary of Chinese steel giant Baosteel, have signed a contract to cooperate on development of 94 mining rights, as part of the Sul Americana de Metais (SAM) iron ore project in the state of Minas Gerais, Brazil. Earlier, Honbridge Capital and Baosteel had held discussions in Shanghai during which they came to a consensus on development of the mines in question in Minas Gerais state.
Meanwhile, Chinese steel producer Shandong Steel had previously signed memorandums of understanding with Shandong-based Xinwen Mining Group and Honbridge to jointly develop part of the SAM iron ore project in Brazil. Honbridge has also held similar discussions with other Chinese steelmakers Masteel and Angang Steel.