February 9, 2022
On January 21, 2022, Sinosteel Group and FMG Group, the world's fourth largest iron ore producer, held a signing ceremony for a memorandum of understanding on the cooperation of iron ore projects in the central and western regions of Western Australia in Perth, Australia, for the follow-up cooperation in the development of the central and western regions of Western Australia. Iron ore and supporting infrastructure laid the foundation. Liu Andong, director and general manager of Sinosteel Group, witnessed the signing by video connection in Beijing.
According to the memorandum of understanding, the two parties have reached an agreement on the joint evaluation of the iron ore project in the central and western regions. Funded by FMG, it strives to conduct a joint evaluation of Sinosteel's Zhongxi Iron Mine, Jackshan Iron Mine and Okogee Port and Railway (OPR) infrastructure projects within one year to determine the final investment decision plan and business development model.
Liu Andong said in his speech that Sinosteel Group is one of the earliest Chinese companies to develop mining projects in Australia, and has made historic contributions to the development of China's steel industry and the prosperity of Western Australia's mining economy. For a long time, Sinosteel, like other pioneers, has a firm dream of developing world-class magnetite projects in the central and western regions.
The world-class Chinese and Western projects are not only reflected in the scale of resources, ore processing characteristics and product quality, but also in the huge potential of renewable energy. At present, the global climate crisis is becoming more and more severe, and Sinosteel Group has also actively participated in the green development and transformation of the steel industry. FMG is not only a first-class iron ore producer, but also an explorer committed to developing green energy. Sinosteel Group is confident to work with FMG Group to build the central and western regions of Western Australia into a green, low-carbon and high-quality iron ore center, and lead the development of magnetite ore in the central and western regions into a new era.
Elizabeth Gaines, CEO of FMG Group, said that for more than 30 years, Sinosteel Group has demonstrated its good performance and excellent project implementation capabilities in the development of mining projects in Australia. FMG Group looks forward to continuing to strengthen pragmatic cooperation with Sinosteel Group. In addition to magnetite and infrastructure development, the project also provides an opportunity to align FMG Group's existing iron ore and infrastructure businesses with the Group's future industry company's green energy goals. Great opportunity to combine.
