Speaking shortly after the agreement was signed, Biteko said the project is expected to boost the country's economic growth through industrial development.

In the January-July period this year, China's iron ore imports reached 713.774 million mt, up 6.7 percent year on year.

In the first quarter (April-June) of FY 2024-25, iron ore production increased by 9.7% compared to the same period inFY2023-24.

India's JSW Steel Limited has given notice seeking to surrender the Jajang iron ore block in Odisha, according to a regulatory filing on Monday,August 5.

Guinea's giant Simandou iron ore project is expected to start exporting within two years. The project is expected to make a significant contribution to the world's decarbonization efforts.

Mubadala Capital and commodities trader Trafigura have hired UBS BB and Goldman Sachs to help sell a Brazilian iron-ore port

"Fortescue has been investing heavily in technology and building genuine and trusting friendships with our Chinese partners, underpinning the success and longevity of what has been a mutually beneficial partnership," he said.

Guinea’s giant Simandou iron-ore project, which is expected to start exports in two years’ time, is set to contribute to the world’s decarbonisation efforts, according to Rio Tinto.