On January 5, Australian mineral resources company Western Plains Resources Ltd (WPR) announced that it has agreed with Chinese steelmaker WISCO to extend the period for the completion of their magnetite joint venture in South Australia. The project is located in the Woomera Prohibited Area (WPA), a weapons testing range in South Australia about the size of England.
In September, Australia's Department of Defence had stated it would not support the joint venture plans. "The remaining significant condition precedent still not satisfied is the consent of the Treasurer," Western Plains said on Monday. "The extended period now expires on April 26, 2010," the company added.
Western Plains said last week that WISCO stressed that its sole purpose in entering the joint venture partnership was to secure iron ore supplies so as to expand its steel production.