Baowu Joined Hands with SMB-Winning Consortium, Simfer and the Guinean Government to Formally Sign the “Simandou Infrastructure Project Term Sheet”

On December 22, China Baowu, Winning Consortium Simandou, Simfer and the Guinean Government jointly signed the “Simandou Infrastructure Project Term Sheet” in Conakry, the capital of Guinea, and an important cooperation consensus was reached around the joint investment and development of infrastructure such as railways and ports required for the overall development of the Simandou project. The four parties of the project signed an agreement on cooperation conditions such as the investment structure, capital contribution conditions, construction pattern, and localization policies of the infrastructure company, which will lay a solid foundation for the successful development of Simandou Iron Mine. The final investment of Bao Consortium led by China Baowu depends on the relevant approvals of the governments of China and Guinea. China Baowu will take the signing of the term sheet as an opportunity to speed up the negotiation of CTG shareholder agreement, lead the formation of Bao Consortium and implement project financing, join hands with all partners to accelerate the substantive development of the project, and jointly draw a blueprint for the development of Simandou.