Asia Iron Ltd and Nanjing form joint venture

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.