Angang, Gindalbie consider joint venture

Australian iron ore miner Gindalbie Metals Ltd announced that the company is in talks with China's second largest mill Anshan Iron and Steel Group (Angang) to form a joint venture. According to the announcement, Angang and Gindalbie will form a joint venture to carry out Gindalbie's Karara Iron Ore Project. The negotiations are incomplete and no agreement has yet been concluded. Gindalbie announced the reserves of its Karara iron ore mine as 737 million metric tons at 37.1 percent iron content. The negotiations between the two companies indicate that Chinese steelmakers are searching for alternative iron ore sources.