Canadian iron ore miner reaches $120 million development deal with Chinese steel producer
Century Iron Mines, an iron ore miner with projects in Quebec and Newfoundland and Labrador, has reached a $120 million development deal with WISCO Resources, one of the third largest steel producer in China.
WISCO Resources, which holds an approximate 25% interest in Century Iron, will invest $120 million in exchange for a 40% interest in three of Century Iron Mines' projects, Duncan Lake, Attikamagen and Sunny Lake. Funds will be used for exploration and development.
WISCO Resources is a major subsidiaries of Wuhan Iron & Steel Corporation, headquartered in Wuhan in the province of Hubei in the People's Republic of China.