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Print[Ferro-Alloys.com]HANOI - Vietnam's steel maker Hoa Phat said on Monday it has acquired the Roper Valley iron-ore mine project in Australia, marking the company's first step to secure its own supplies in the world's biggest iron-ore producer.
The project is estimated to have 320-million tonnes of reserves, with mining capacity at four-million tonnes per year, Hoa Phat said in a statement.
A Hoa Phat spokesperson declined to disclose financial details, citing a confidentiality agreement.
Hoa Phat said it was also looking to acquire coking coal mines and more iron ore projects in Australia to fulfill at least 50% of its demand, equivalent to 10 million tonnes of steel per year.
Founded in 1992, Hoa Phat, which has a market capitalisation of more than $9.6 billion, is Vietnam's largest steel maker with a crude steel production capacity of eight million tonnes a year, according to the company's filing.
source:Mining Weekly
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