Canadian mining company Century Iron Ore Holdings Inc. (Century Iron) and
WISCO International Resources Development & Investment Limited (
WISCO Resources), a subsidiary of Chinese steelmaker Wuhan Iron and Steel Co. (
WISCO) have concluded negotiations regarding joint venture agreements for the Duncan Lake, Attikamagen and Sunny Lake iron ore projects in
Canada.
Under the definitive joint venture agreements,
WISCO Resources will invest $120 million in exchange for a 40 percent interest in each of the three projects.
Century Iron stated that, with the conclusion of the negotiations with
WISCO Resources, the company will be able to expand and speed up the exploration of the Duncan Lake, Attikamagen and Sunny Lake projects.