WISCO to mine iron ore in Australia
Source: Xinhua |
July 8, 2010, Thursday
|
Print Edition
Print Edition
CHINA'S third-largest steel maker, Wuhan Iron and Steel Corp, or WISCO, completed a joint venture yesterday with Australian Centrex Metals Ltd (CXM) to develop iron ore mines on south Australia's Eyre Peninsula.
WISCO paid A$51.5 million (US$43.7 million) to CXM for mineral exploitation rights and another A$50 million to the joint venture to cover the cost of the first-phrase exploration, said sources of the central China-based WISCO.
The joint project, with an estimated investment of US$1.5 billion, is expected to annually produce 33 million tons of raw iron ore, along with 10 million tons of refined iron ore, the sources said.
With a controlling share of the new joint venture, WISCO would have the final say on the exploration and operation of the Australian iron ore mines.
CXM owns several mining sites in south Australia. The project area with WISCO is believed to have deposits of 2.282 billion tons of iron ore.
WISCO paid A$51.5 million (US$43.7 million) to CXM for mineral exploitation rights and another A$50 million to the joint venture to cover the cost of the first-phrase exploration, said sources of the central China-based WISCO.
The joint project, with an estimated investment of US$1.5 billion, is expected to annually produce 33 million tons of raw iron ore, along with 10 million tons of refined iron ore, the sources said.
With a controlling share of the new joint venture, WISCO would have the final say on the exploration and operation of the Australian iron ore mines.
CXM owns several mining sites in south Australia. The project area with WISCO is believed to have deposits of 2.282 billion tons of iron ore.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
