On January 29, 2021, the first iron ore ship of Sierra Leone’s New Tangkerili Iron Ore Project set sail from the port of Pepel to China. This is the first shipment since the project started.
The Nuvoton Kerry Iron Mine Project is invested and operated by Sierra Leone Qinghua Investment Co., Ltd., and officially launched on September 23, 2020.
According to Zhao Ting, the person in charge of the company, Xintang Kerili Iron Mine covers an area of 408 square kilometers and has a resource of about 13.7 billion tons. The project is equipped with a complete railway and port logistics transportation system.
At present, the entire upstream, midstream, and downstream chains of the first phase of the project, including mining, processing, shipment, and sales, have been completed. In the future, the construction of the second phase of the primary magnetite beneficiation plant will be launched as planned, and the third phase of the construction of mining, processing and smelting will be integrated. Chemical Steel Industrial Park.
Zhao Ting said that the Nuvoton Creli Iron Mine Project not only injects impetus into the development of Sierra Leone's national mining and steel industry, but also helps the development of China's steel industry and enhances the friendship between China and Serbia.
According to the Chinese Ministry of Commerce's 2018 edition of the "Outbound Investment Guidelines" for Sierra Leone, China Shandong Iron and Steel Group (hereinafter referred to as Shanxi Iron and Steel) invested 2.2 billion U.S. dollars (approximately RMB 15.5 billion) in the Tangkelili project, which is the country's largest foreign investment project . Shandong Iron & Steel owns 100% of the Tangkelili Iron Ore Project.
Shanxi Iron and Steel is the main supply customer of Tangkelili Iron Mine. Data show that in 2017 Tangkelili produced 6.59 million tons of iron ore and sold 685 tons, most of which were sold to Shandong Iron & Steel. Achieved 202 million US dollars in sales revenue, but lost 200 million US dollars.
In fact, when the Tangkelili project was suspended in 2014, Shangang already had a 25% interest in the project. After the suspension of the project, Shangang used its Hong Kong subsidiary to take over the debts in the hands of African Mining, and completed the 75% share purchase plan in April 2015, becoming the sole holder of the project.
