Recently, with the soaring price of iron ore, POSCO plans to restart the hardey iron ore project near Roy Hill Mine in Pilbara, Western Australia.
It is reported that API’s hardy iron ore project in Western Australia has been shelved since POSCO established a joint venture with Hancock in 2010. However, driven by the recent rise in iron ore prices, POSCO decided to restart the project to ensure the stable supply of raw materials.
In addition, POSCO and Hancock plan to jointly develop Hadi iron ore project with China Baowu. The iron ore reserves of the project with iron content of more than 60% exceed 150 million tons, and the total reserves are about 2.7 billion tons. It is expected to be put into operation in the fourth quarter of 2023, with an annual output of 40 million tons of iron ore.
It is reported that POSCO has invested about 200 billion won (about US $163 million) in api24 5% of the shares, and can obtain up to 5 million tons of iron ore from the mines developed by API every year, accounting for about 8% of the annual demand of iron ore produced by Puxiang. POSCO plans to increase its annual molten iron production from 40 million tons in 2021 to 60 million tons in 2030. Once Hadi iron ore project is started and operated, POSCO’s iron ore self-sufficiency rate will increase to 50%.