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Article: WISCO to establish JV to develop magnetite deposits in South Australia.
- Article from:
- China Business News
- Article date:
- May 5, 2009
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WISCO to establish JV to develop magnetite deposits in South Australia
Shanghai. May 5. INTERFAX-CHINA - Hubei Province-based Wuhan Iron and Steel Group Corp. (WISCO), the third-largest steel mill in China, has inked an agreement with Western Plains Resources Ltd. to establish a 50:50 joint venture to develop magnetite deposits at the Hawks Nest project in South Australia, Western Plains announced on May 4.
Initially, WISCO will inject AUD 25 million ($18.53 million) for a 50 percent stake in the joint venture, which will be mainly spent on a bankable feasibility study.
Later on, if the Chinese company decides to commit to the project, it will ...