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Vietnam steelmaker buys Australian iron ore mine to secure supply

Hoa Phat's move comes as world's largest steelmaker China boosts production

Hoa Phat has acquired rights to the Roper Valley iron ore mine in Australia, which has the capacity to produce 4 million tons yearly. (Photo courtesy of Hoa Phat)

HANOI -- Leading Vietnamese steelmaker Hoa Phat Group has purchased the entire interest in an Australian iron ore mine to secure a stable supply of raw materials in a competitive market.

The Roper Valley project, located in the Northern Territory, is Hoa Phat's first major mining interest owned overseas. The steelmaker has not disclosed the value of the deal.

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