China’s steelmaker Baowu Steel Group announced that it will resume the Hardey iron ore project in Australia. The group expected to obtain a stable and high-quality import source of iron ore.

The Hardey iron ore project has an annual output of 40 million tons of high-grade iron ore, which is developed by Aquila, a subsidiary of Baowu Steel Group, and collaborates with Hancock, the fourth-largest iron ore producer in Australia and other partners.

The project includes mines, ports, and railways, with an initial investment of $7.4 billion. The first iron ore was expected to be shipped in 2023.