Vale & Jinnan jointly invest in building first iron ore concentration plant in Oman
Time:Thu, 31 Oct 2024 07:25:34 +0800
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Brazilian mining giant Vale and Chinese steelmaker Jinnan Iron & Steel Group have partnered in setting up an iron ore concentration plant in Sohar Port and Freezone, in Oman, with a total investment of more than US$600 million.
Vale will invest $227 million to connect the plant to its pelletizing facilities in the region, and Jinnan will invest around US$400 million to build, operate, and own the plant.
The facility will provide high-quality iron ore to the region for the production of pellets and briquettes, which will be critical for the production of low-carbon steel products through the direct reduction route.
This iron ore concentration plant was scheduled to be operational by mid-2027 and will process 18 million tons of low-grade iron ore and produce 12.6 million tons of high-grade concentrate annually.
Due to its strategic location, Oman will become a major supplier of direct reduction-grade iron ore to the global steel industry.
