According to China Metallurgical News, China's largest steelmaking company, China Baowu Iron and Steel Group, plans to invest $15 billion to develop the number three and four mining zones at the Simandou iron ore mine in Guinea, which has the largest unexploited reserves and highest ore quality in the world.

Baowu Group is negotiating to take over Chinalco's 44.65% equity in the project as part of a joint development with other steel companies.

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