Asia News Network | Publication date 01 June 2021 | 17:21 ICT
Vietnamese steel maker Hoa Phat Group on May 1 announced that it has acquired the Roper Valley iron ore mine project in Australia.
Australia’s Foreign Investment Review Board (FIRB) has approved the deal. The project is estimated to have 320 million tonnes of reserves, with mining capacity at four million tonnes per year, Hoa Phat said.
After a period of searching and preparing, Hoa Phat Group has firmly made its first step into the largest iron ore supply market.
It is continuing to research to invest in purchasing some other iron mines in Australia to ensure a long-term supply of at least 50 per cent of its iron ore demand – equivalent to 10 million tonnes a year.
In addition, the raw material that constitutes up to 30 per cent of the steel price is coking coal, which is currently imported from Australia – the world’s largest coking coal supplier market. The group is also studying to buy some Australian coking coal mines in the future to gradually become self-sufficient in this important production material.
VIET NAM NEWS/ASIA NEWS NETWORK
The midnight blaze that engulfed three adjacent casino buildings in Poipet town of Banteay Meanchey province through the morning of December 29 claimed at least 19 lives and injured 73 others, according to authorities. Bun Pheng, deputy provincial police chief in charge of fire prevention and rescue, told
Construction on high-speed rails in the Kingdom could begin as soon as next year, with studies well underway on the conversion of existing railway and the creation of two new lines – one of which runs to the Vietnamese border – to optimally boost rail passenger and
The Ministry of Tourism and the National Committee for Clean City Evaluation have hosted the “best countdown city of the year” contest on December 31, to celebrate New Year 2023. The contest aims to crown the best city in the Kingdom to countdown the clock and ring
A “well-known” but unnamed international brand has chosen Cambodia as the location to set up a new export-oriented jewellery factory, revealing plans to start investment operations in early 2024, the Council for the Development of Cambodia (CDC) reported. These plans were discussed during a January 2 meeting
Senior officials and travel industry players are eager to draw in mainland Chinese visitors to Cambodia after Beijing on January 8 reopened to inbound and outbound tourism, scaling back Covid-19 entry and exit restrictions. Beijing’s move comes amid concerns that spiralling coronavirus infections in China
Cambodia will not follow in other countries’ footsteps in imposing any additional restrictions towards arrivals from mainland China, amid concerns that soaring Covid-19 cases there could drive the emergence of new and potentially more dangerous variants of the novel coronavirus, Prime Minister Hun Sen affirmed