Recently, the first batch of 113,500 tons of iron ore from Baowu Resources' Ashburton project in Australia was shipped from the local Ashburton Port to Baosteel's Zhanjiang base, marking the official start of production of the project, opening up a new situation for overseas mine development in Australia, and taking substantial steps to expand overseas.

The Ashburton project is located in the Pilbara region of Western Australia. It is an iron ore project jointly developed by Baowu and its partners, Mineral Resources Australia Limited (MRL), Posco Steel Company of South Korea (POSCO), and American Metal Coal Company (AMCI). It has a designed production capacity of 30 million tons and is scheduled to be put into production in June 2024.

Since Baowu and its partners signed a formal project agreement in November 2022, Baowu Resources has had in-depth exchanges with the Governor of Western Australia and MRL, actively coordinated the project construction, and completed the approval procedures for mines and infrastructure in June and July 2023, respectively, and the project construction was fully launched. In July 2023, the first blasting of the mine was successful. With the joint efforts of partners and construction parties, after nearly a year, the project completed the construction of mine crushing and screening, 148 kilometers of dedicated roads, port terminals and transshipment, one month ahead of the planned start of production. The completion and commissioning of the Ashburton project is an important milestone in the revitalization of the Aquila project of Baowu Resources' Australian joint venture, and is a successful example of Baowu Resources' innovative overseas project cooperation model.