Vietnam-based steelmaker Hoa Phat Group has announced that it purchased all shares of the Roper Valley Iron Ore Mine Project in Australia from the Australian subsidiary of Vietnam-based Hoa Binh Group.
The mine has estimated reserves of 320 million mt and an annual mining capacity of four million mt.
Currently, the company continues to research to invest in purchasing new iron ore mines in Australia to ensure a long-term supply of at least 50 percent of the company’s iron ore demand which amounts to 10 million mt per year.
Hoa Phat also plans to purchase Australian coking coal mines to become self-sufficient in the product which the company currently imports.