Four of China's largest steelmakers - Wuhan Steel, Baosteel, Anshan Steel and Shougang - have formed a joint venture to explore and develop iron ore mines in Cambodia's Preah Vihear province.
In the new joint venture, Wuhan Steel owns 50 percent, Baosteel holds 20 percent, while Anshan Steel and Shougang each have a 15 percent share.
Preah Vihear reportedly has 2.5 billion tons of iron ore deposits, and the mills are aiming to exploit approximately 200 million tons of that figure.
The joint venture is an example of Chinese steelmakers' combined efforts to secure long-term iron ore resources.