Wuhan Steel Group recently signed deals with two iron ore mines in Canada aimed at securing iron ore supplies.
The Company signed a shares transfer contract with Adriana Resources Inc (ADI) of Canada to gain access to ADI’s iron ore in the Lac Otelunk project in Canada. According to ADI, the Lac Otelunk project has about 6bnt of magnetite iron ore with an average iron content of 30%.
Wuhan Steel is thought to have invested about RMB 800M (US$121.8M) for 19.9% of ADI’s shares.
Just two days later, Wuhan Steel signed an agreement with Century Iron Mines Corp on cooperation to develop iron ore resources in Quebec.
Century Iron has three iron ore projects in the province.
Wuhan Steel has made similar investment in iron ore mines in Australia, Brazil, Canada, Liberia and Madagascar. Wuhan Steel says these actions help it have the largest iron ore resources in the world.
Source: China Metals e-mail email@example.com