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August 4, 2020updated 10 Nov 2021 4:32am

Chinese firm HBIS to invest in Peru’s Pampa de Pongo iron ore mine

China-based steelmaker HBIS Group’s unit HBIS Resources has reportedly signed a deal to invest in Peru’s Pampa de Pongo iron ore mine.

China-based steelmaker HBIS Group’s unit HBIS Resources has reportedly signed a deal to invest in Peru’s Pampa de Pongo iron ore mine.

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HBIS Resources will develop the mine together with Shandong-based Zhongrong Xinda, which is the current licence-holder of the mine.

Under the deal, the two Chinese firms intend to form a joint venture (JV) to work on the first stage of the iron ore mine.

The mine also comprises reserves of copper, cobalt and gold, Reuters reported citing an HBIS Resources filing to the Shenzhen Stock Exchange (SZSE).

According to the filing, the cooperation agreement includes mine and port construction as well as operation.

The latest investment in the Peruvia mine would mark HBIS’ entry into South America.

According to the news agency, iron ore is priced at $100 per tonne.

In 2016, Zhongrong Xinda bought the rights of Pampa de Pongo mine. The Shandong-based firm’s subsidiary Jinzhao Mining Peru serves as the operator of the project.

As per Peru’s Ministry of Energy and Mines 2018 published portfolio, Pampa de Pongo mine is capable of producing about 28.1 million tonnes per annum (Mtpa) of iron ore.

Located in the Arequipa region, the mine is expected to commence operations in 2023.

Peru is considered as the world’s second-biggest copper producer, with Chile ranking first.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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