Agricultural Bank of China contributes to a $475 million USD loan to Baosteel Resources Australia Pty Ltd for the Western Range Iron Ore Development Project

Project narrative

In early to mid- 2023, a syndicate of 11 lenders — including the Bank of China (BOC) and the Agricultural Bank of China (ABC) — provided a $475 million USD loan to Baosteel Resources Australia Pty Ltd — an Australia-incorporated subsidiary of Shanghai-based China Baowu Steel Group Corporation Limited (Baosteel Group) — for the Western Range Iron Ore Development Project. Record ID#110660 captures BOC's contribution and Record ID#110661 ABC's contribution to the syndicate. The proceeds of the loan would be used to finance the development, construction, and operations of the the Western Range Development Project, an iron ore deposit in the Pilbara region in Western Australia. The Western Range Iron Ore Development Project is situated within the extant Paraburdoo site, a mining hub which comprising the Paraburdoo, Channar, and Eastern Range operations, and can be accessed by a road from the Paraburdoo mine operation. The Western Range site sites on two deposits, 36W–50W and 55W–66W, which are located in the Hamersley Basin and come under the Mining Lease AM70/00246 (ML246SA). The project is slated to produce 25 million tonnes of iron ore annually. Baosteel Group and Rio Tinto first entered into the Bao-HI Joint Venture to develop the Eastern Range deposits in 2002. Then in September 2022, the companies entered into a joint venture — Baosteel Group (46%) and Rio Tinto (54%) — to develop the Western Range as well as a mineral off-take agreement. In 2023, after Australia governmental and environmental regulatory permits were greenlit and the project was pending Chinese approval, industry media sources indicated that construction was slated to commence in early 2023 and production was planned to begin in 2025. In fact, construction began in March 2023 and the Western Range operation officially opened in June 2025, both on time and within budget. Australian Portable Camps (APC) provided operations and logistics support to the construction site. The Primero Group designed and constructed non-process infrastructure at the site, including a mobile equipment maintenance, washdown, refuelling, primary crusher maintenance, water infrastructure, and wastewater treatment facilities. The Genus Group was contracted to design, supply and install overhead lines and associated infrastructure. Civmec Limited constructed a new Run of Mine (ROM) pad, an overland conveying circuit, and the primary crushing facility and was also contracted to modify the downstream conveying system and Coarse Ore Stockpile. CPB Contractors delivered the main infrastructure bulk earthworks and MACA constructed a camp pad and an access road in addition to conducting crushing and screening work. Rio Tinto reported that the Western Range Iron Ore Development Project was the company's first co-designed Social, Cultural and Heritage Management Plan (SCHMP) with the Yinhawangka Traditional Owners.