According to Rio Tinto Group: Rio Tinto Group has announced the official commissioning of its latest iron ore project, the Western Range iron ore project. Western Australian Premier Roger Cook, Australian Federal Minister for Resources Madeleine King, traditional landowners from the Yinhawangka people, and senior executives from Rio Tinto Group and its joint venture partner, China Baowu Steel Group, jointly witnessed this significant milestone. Western Range iron ore project: It has a designed annual capacity of 25 million mt; It will provide a 20-year resource guarantee for the Paraburdoo mining hub; With a total investment of $2 billion, it is a joint venture development between Rio Tinto (54% stake) and China Baowu (46% stake); The project construction includes a primary crushing station and an 18-kilometer conveyor system connecting it to the existing beneficiation plant in Paraburdoo; The new mine will provide stable employment for over 880 permanent and fly-in-fly-out employees at Paraburdoo; Meanwhile, the Western Range iron ore project will not only support the sustainable development of Paraburdoo town but also further promote the economic development of Western Australia and Australia through royalties and related taxes. Robyn Hayden (née Tommy), Chairperson of the Board of the Yinhawangka Aboriginal Corporation, attended the commissioning ceremony alongside several traditional landowners from the Yinhawangka people. Western Australian Premier Roger Cook, Australian Federal Minister for Resources Madeleine King, China Baowu Group Chairman Hu Wangming, Baowu Resources Chairman Shi Bing, Rio Tinto Group CEO Jakob Stausholm, Rio Tinto Group Iron Ore CEO Simon Trott, as well as government and joint venture company representatives, also attended this important event. Western Australian Premier Roger Cook stated: The commissioning of the Western Range iron ore project is a significant milestone with great importance for the economic development of Western Australia. Our government will continue to support the development of the resources industry, as it not only creates high-quality jobs for the people of Western Australia but also safeguards our standard of living. Australian Federal Minister for Resources Madeleine King stated: The commissioning of the Western Range iron ore project is exciting news for the Pilbara region, Western Australia, traditional landowners, and the entire nation. The Pilbara is the engine of Australia's economy, and projects like Western Range will ensure that this engine continues to drive Australia's future. The Western Range iron ore project is Rio Tinto's first project to jointly design a Social, Cultural, and Heritage Management Plan (SCHMP) with the traditional landowners of the Yinhawangka people. In accordance with the Social, Cultural and Heritage Management Plan agreed with the Yinhawangka Aboriginal Corporation in 2022, the Western Range iron ore project has been designed and developed with the protection of significant local cultural and heritage values at its core. Robyn Hayden, Chair of the Yinhawangka Aboriginal Corporation, said, "For the Yinhawangka people, the land means everything—it holds our spirits, our laws, and the responsibility to protect it passed down through generations. The commencement of production at Western Range marks a shift in how our cultural heritage is recognized and respected. We acknowledge Rio Tinto's efforts to change the way they interact with us and the actions they have taken to build a stronger and more transparent partnership. This is a profound starting point—we are ready to work together." The partnership between Rio Tinto and Baowu in the Pilbara region dates back to 2002, when the two parties established the Bao-Hl Joint Venture to jointly develop the East Range iron ore project in the Hamersley Ranges. Hu Wangming, Chairman of Baowu Group, said, "The success of the Western Range project is not only a milestone in China-Australia resource cooperation but also a vivid portrayal of multi-party collaboration and overcoming difficulties. The Western Range project is not only a core fulcrum in the global resource layout of China Baowu and Rio Tinto Group but also a model project for China-Australia economic and trade cooperation. Baowu and Rio Tinto's exploration in areas such as green and low-carbon development and collaborative innovation has not only set a benchmark for the industry but also contributed wisdom and strength to the sustainable development of global resources. We are willing to work hand in hand with the Western Australian government, Indigenous communities, and partners from all walks of life to build an inclusive and sustainable cooperation ecosystem. We will also continue to fulfill our corporate responsibilities, drive industrial upgrading through technological innovation, and inject new momentum into regional prosperity and the stability of the global industry chain." Jakob Stausholm, CEO of Rio Tinto Group, said, "The commencement of production at Western Range is an important step in extending Rio Tinto's mining layout in the Pilbara region and also brings longer-term development prospects to Paraburdoo, one of our earliest mining centers, which has been in operation since 1972. I am particularly proud of our collaboration with the Yinhawangka people on the Western Range project, and we will continue to maintain close cooperation in the future. Our partnership with Baowu ensures that our largest customer can directly benefit from a stable and exclusive supply of Rio Tinto's world-leading Pilbara Blend ore." The first batch of ore was processed through the production system of the Western Range project by the end of March this year.

Tibet Mineral Development Co., Ltd. held the third extraordinary meeting of the eighth board of directors on May 30, 2025, and agreed to reduce the initial listing price of Baiyin Zhabuye by 10% based on the first listing price in 2024. The transfer reserve price was adjusted to RMB 176.9214 million, and the company entrusted the Shanghai United Assets and Equity Exchange to conduct the second round of public listing for transfer.

On Sunday, Eastern Time, US President Donald Trump stated that the US would still maintain control over US Steel as part of its cooperation with Japan's Nippon Steel Corporation in the latter's acquisition plan. Last Friday, Trump suddenly made a public statement in support of Nippon Steel's $14.9 billion deal to acquire US Steel. This immediately ignited enthusiasm in the capital markets. US Steel's stock price surged by 21% last Friday, and after the Tokyo stock market opened on Monday, Nippon Steel's stock price also soared by 5% at one point, reaching 3,030 yen per share, becoming one of the biggest gainers among the Nikkei 225 Index components. However, on Sunday, Eastern Time, when asked about more details of the agreement, Trump added and emphasized: "It (US Steel) will be controlled by the US, otherwise I wouldn't have agreed to the deal." As part of the deal announced last Friday, Nippon Steel plans to invest $14 billion in US Steel's operations, including up to $4 billion in a new steel mill. Trump had stated last Friday that the merger would create 70,000 jobs. Trump made this statement to reporters while traveling from New Jersey to Washington over the weekend. He revealed that relevant members of Congress had previously urged him to reach an agreement. "This is an investment, about partial ownership (of US Steel), but it will still be controlled by the US," he emphasized. Nippon Steel is currently the world's fourth-largest steel producer. Data from the World Steel Association shows that, in terms of production, this merger will create the world's third-largest steel producer, second only to China's Baowu Steel Group and Luxembourg-based ArcelorMittal. Although details of the acquisition agreement have not yet been disclosed, investors have expressed confidence that the terms of the agreement will be similar to those reached in 2023. Investors expect that US Steel will eventually be delisted, and its shareholders will receive cash payments. This deal has been one of the most anticipated on Wall Street. Previously, due to concerns that a foreign acquisition would mean a reduction in jobs in Pennsylvania, where US Steel's headquarters is located, the deal had been controversial in US political circles. It is worth noting that despite Trump's public endorsement, the deal still needs to pass the national security review by the Committee on Foreign Investment in the United States (CFIUS).

According to the website of the People's Government of Shanxi Province, on May 21, the Shanxi Provincial Government and China Baowu Steel Group Corporation Limited held a working meeting. Both sides introduced their respective situations in terms of economic and social development, as well as the quality improvement and upgrading of the steel industry. They expressed their commitment to fully leverage their respective advantages, accelerate the implementation of cooperation initiatives, focus on promoting the high-end, intelligent, and green development of the steel industry, cultivate and develop new quality productive forces, and achieve win-win cooperation in contributing to the Shanxi chapter of Chinese-style modernization.

[Strong Momentum! Fengzhen City's Industrial Enterprises Strive for a Strong Start in the First Quarter] The machines roar continuously, workers shuttle through workshops, and products flow steadily... Recently, the production workshops of major industrial enterprises in Fengzhen City have been bustling with activity. The production and order volumes of many industrial enterprises have been steadily increasing, with some enterprises even operating new production lines, striving for a strong start in the first quarter...

[Baowu Magnesium: Magnesium Prices Lower Than Aluminum Prices Provide Opportunities for Downstream Application Expansion. Magnesium Products Are Mainly Exported to Europe, North America, Southeast Asia, Etc.] Baowu Magnesium responded: As magnesium prices fall below aluminum prices, it presents a great opportunity for the magnesium industry. It is more favorable for the expansion of downstream applications such as large components in vehicles, integrated die-cast magnesium alloy components for automobiles, robots, and construction templates. This will further enhance the enthusiasm of downstream customers to use magnesium. Previously, we promoted the application of magnesium from a performance perspective; now, we can also promote its application from a cost perspective.