Asia Iron Ltd and Nanjing form joint venture
Hong Kong-based Asia Iron Limited and
China's Nanjing Iron & Steel United Co Ltd have signed a joint venture agreement to develop the
Australia's Mid-West
iron ore deposits.
Under the agreement, the joint venture partners will fully fund and develop
iron ore mines in
Australia's Mid-West region and construct two iron pellet plants in Nanjing,
China.
In addition, Mount Gibson Iron has a 20-year management contract to oversee the development and operations of Asia Iron's mines.
The joint venture will produce 5 million mts a year of
iron ore in order to feed the two new 2.5 million tons a year of iron pellet plants to be built by the joint venture at Longtan near Nanjing.