Conakry – Guinea. On 19 June, Winning Consortium Simandou (WCS) and China Baowu Steel Group (China Baowu) officially completed the closing of a co-investment deal in Simandou Blocks 1 and 2, part of the world’s largest untapped iron ore mine. This strategic partnership marks a new chapter in the sustainable development of Guinea’s mining sector.
This milestone was achieved through the concerted efforts and support of the Government of Guinea whose dedication facilitated fruitful negotiations. On 30 May, the Guinean government formally confirmed its approval of China Baowu’s investment. By 19 June, WCS and China Baowu completed the establishment of the joint venture companies’ boards of directors, the appointment of directors and senior management, and the allotment and issuance of the shares for the joint venture companies related to the mine, railway, and port, and received the first capital contribution from Baowu, marking China Baowu’s official status as a shareholder of the Simandou project.
Under the leadership of Mr. Sun Xiushun, Chairman of the Board of Directors, Winning Consortium Simandou has completed more than half of the required infrastructure, significantly advancing the project. The inclusion of Baowu, a world leader in the steel industry, lays a solid foundation for both parties to leverage their respective expertise and resources to jointly advance the Simandou project.
Together, WCS and China Baowu are determined to work with even greater energy and harmony to complete construction and finalize the project on schedule. This partnership aims to enhance competitiveness, drive local content development, and uphold internationally accepted ESG standards, ensuring that the benefits of the project are shared with local communities, Guinea and the project’s stakeholders.
Along with China Baowu, WCS stands strong and looks forward to a prosperous future, contributing to the economic growth of Guinea and setting a benchmark for collaborative success in the global mining industry.
