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.