According to China's Ministry of Commerce, Sinosteel Australia Pty Ltd, a subsidiary of Beijing-based Chinese state-owned giant Sinosteel Corporation, has signed an iron ore import contract with Australia-based Brokeman Resources. According to the contract, Sinosteel will purchase 10 million mt of iron ore per year in the coming five years, amounting to a total value of AU$6.5 billion if calculated based on the current price of iron ore.
Meanwhile, Brokeman has said that the annual 10 million mt volume to be purchased by Sinosteel will account for 50 percent of the total iron ore output from Brokeman's Marilana project in the Pilbara region of Western Australia.