Wuhan Iron & Steel Group, China’s third-largest steelmaker, has agreed to invest $57M in Canadian mining company Century Iron Mines Corp (CIMC).
Sandy C.K. Chim, chief executive officer of CIMC, said Wuhan Steel will have a 25% stake in the company after it lists in a month and will jointly develop iron ore projects.
CIMC has three iron ore projects in Quebec. The agreement came two days after Wuhan Steel signed a deal with Canada-listed Adriana Resource Inc (ADI) for a stake in the Lac Otelnuk iron ore project in Quebec.