Baowu Resources and Adaro Mining Sign Strategic Agreement for coking coal

Baowu Resources Singapore Limited and Adaro Minerals Indonesia, a subsidiary of Baowu Resources, recently signed a strategic cooperation agreement for 2024-2025 in Singapore, marking a significant step towards the development and strategic deployment of high-quality coking coal resources. This collaboration aims to explore diversified cooperation models within the coal industry, focusing on high-quality new resources and expanding into new business varieties, ultimately fostering mutual benefit and win-win outcomes for both parties.

Adaro Mining, Indonesia's leading coal mining enterprise with an annual output of 65 million tons, also owns the largest coking coal mine in the country, producing 4.5 mnt of coking coal characterized by ultra-low ash and low sulfur. Over the years, Resources Singapore and Adaro Mining have maintained a robust cooperative relationship, with a cumulative business volume exceeding one million tons. They have consistently supplied high-quality coking coal resources to Baowu and steel mill users in Southeast Asia. The recent signing of a strategic cooperation agreement marks a significant upgrade in the cooperation strategy between Baowu Resources and Adaro Mining. Looking ahead, both parties plan to further strengthen their coordinated development efforts and build a mutually beneficial cooperation model.

Adaro Mining provided a detailed introduction of the company's current status and future development plans, emphasizing the successful development model of mutual benefit, cooperation, and sharing that has characterized their relationship with Baowu Resources over the years.

Baowu Resources expressed gratitude to Adaro Mining for its strong support and stated that this comprehensive upgrade of their cooperation strategy presents an excellent opportunity to further deepen business collaboration. In light of Baowu Resources' expanding overseas mine construction, they plan to work closely with Adaro Mining to share expertise in mining and international operations, develop iron ore resources globally, and establish the most reliable, greenest, and safest raw material supply chain for the steel industry.