Vietnamese steel maker Hoa Phat Group announced that it has acquired the Roper Valley iron ore mine project in Australia. The Australia’s Foreign Investment Review Board has approved the deal. The project is estimated to have 320 million tonnes of reserves, with mining capacity at four million tonnes per year. After a period of searching and preparing, Hoa Phat Group has firmly set its first step into the world largest iron ore supply market. It is continuing to research to invest in purchasing some other new iron mines in Australia to ensure a long-term supply of at least 50% of its iron ore demand equivalent to 10 million tonnes a year.