Hanoi (VNA) - The Hoa Phat Group has announced that it had received approval from Australia’s Foreign Investment Review Board to purchase an iron ore mine in the country.

Upon completion of the transaction, Vietnam’s largest steelmaker will own the Roper Valley mine, which has estimated reserves of 320 million tonnes. It is set to exploit 4 million tonnes per year.

The group has gradually gained access to Australia’s largest iron ore producing areas.

It is mulling the purchase of new iron ore mines in the country in a bid to ensure at least half of its long-time supply, or 10 million tonnes annually.

The group is also looking to buy coking coal mines in Australia in the time to come to take the initiative in the production of the material, which makes up one-third of steel prices and is primarily imported from Australia./.