The development of the Simandou project in Guinea has once again marked an important milestone. On the afternoon of October 7, Baowu Resources and Simangdu Win Alliance signed a letter of confirmation of the shareholders' agreement for the mining joint venture Simangdu Northern Block Project at the Baowu Building. Witnesses included Baou Secretary and Party Committee Chairman Hu Wanming, Baou General Manager and Deputy Party Committee Secretary Hou Angui, Sun Xiushun, Chairman of the Board of Directors of Ximang Duying Alliance and Chairman of Winning International Group, and Zhang Bo, Chairman of Weiqiao Entrepreneurship Group. signing and discussion abroad. Discussions and exchanges on project cooperation and other issues.

The Simandou Win Alliance (WCS) is a consortium formed by Singapore's Winning International Group and Weiqiao Entrepreneurship Group, which holds the mineral rights to the Simandou North Block (Blocks 1 and 2). The Simang Duying alliance has an annual bauxite production capacity of 50 million tons in Guinea, has experience in the construction and operation of the Dar-Saint-Saint-Saint-German railway, and has unique advantages in ports, transhipment and shipping.

In September 2022, Baowu Resources and Simandou Win Alliance signed the basic terms of an investment cooperation agreement, establishing a partnership platform for both parties to jointly develop the Simandou project. Recently, Baowu has been sincerely cooperating with Simandou Win Alliance and successively signing mining and infrastructure cooperation agreements for Simandou North Block Project, and jointly promoting relevant partners to complete the “Joint Development Agreement”, “CTG Shareholders Agreement” and signing important Cooperation documents such as the Simfer/Win Alliance Railway and Ports Investment Agreement have laid a good foundation for the integrated and coordinated development of mines, railways and ports under the Simandhu project.