The Chinese state-owned mineral resources company reports significant progress with projects in Liberia and Guinea in recent days. This time around, Baowu Resources is expanding its iron ore footprint in Africa to diversify its import sources.

The company's Bomi iron ore project completed its first mine blasting operation on Tuesday, December 20, in Liberia, according to Baowu's announcement on its account. WeChat. Indeed, the total iron ore reserves of the Bomi project exceed 500 million tons. The first phase of the project consisted of producing 3 million tons per year, with plans to increase capacity to over 5 million tpa in the second phase.

In reality, this project is an important strategic development by China to expand its mineral resource developments overseas. According to a steel manufacturer based in Beijing, the aim of the project is to diversify China's iron ore supply in the future and increase the price bargaining power of Chinese steel mills.