Vietnamese steelmaker Hoa Phat has acquired Roper Valley iron ore mine mission in Australia, the company announced on Monday.
The mission is envisioned to have 320mn mt of reserves, with an annual mining capacity of at 4mn mt, Hoa Phat said.
Hoa Phat has not yet revealed monetary details of the deal.
Hoa Phat stated it was also trying to accumulate coking coal mines and extra iron ore activities in Australia to satisfy at least 50pc of its requirements, approximately 10mn mt steel in a year.