What’s new: The world’s largest
steel producer, China Baowu Steel Group Corp. Ltd., has officially inked a deal
with a Chinese-backed consortium to develop part of the massive West African
Simandou mine, the state-owned steel giant announced Wednesday.
Under the
agreement, Baowu subsidiary Baowu Resources Co. Ltd. and Winning Consortium
Simandou (WCS) will work together to develop blocks 1 and 2 in the northern
part of the Simandou project in Guinea.