China Baowu Steel Group is considering acquiring a minority stake in BHP’s Jimblebar iron ore mine in Western Australia, potentially strengthening the Chinese steelmaker’s access to a major source of iron ore.
Baowu is reportedly evaluating a 15-25% interest from BHP’s existing 85% stake in the mine. No decision has been made, no transaction is guaranteed, and no potential valuation has been disclosed. Japanese trading companies Itochu and Mitsui hold the remaining minority interests.
Jimblebar is a significant contributor to BHP’s iron ore business. The mine produced approximately 62.5 million mt attributable to BHP in fiscal 2026, accounting for around one-quarter of the miner’s total iron ore output and carrying an estimated value of $6.2 billion at current prices.
The potential investment follows the resolution in April of a more than six-month dispute between BHP and China Mineral Resources Group (CMRG), which had restricted Chinese steelmakers from purchasing certain BHP products, including Jimblebar fines. BHP has said it regularly evaluates partnerships that could create long-term shareholder value while maintaining that its Western Australian Iron Ore operations remain central to its portfolio.
VietnamSteel by Hoa Sen Group
