Canadian mining company Century Iron Mines Corporation (Century) announced that Century and WISCO International Resources Development & Investment Limited (WISCO International), a subsidiary of Chinese steelmaker Wuhan Iron and Steel Co. (WISCO) have completed the formation of their joint venture for Century's Attikamagen iron ore project in Canada.
Meanwhile, WISCO International has completed its initial $20 million investment in the joint venture and became a shareholder in Labec Century Iron Ore, a subsidiary of Century. According to the shareholders' agreement finalized in December 2011, WISCO International will pay $40 million in total in exchange for a 40 percent share. The remaining $20 million will be paid by end of September, 2013.