Mineralogy signs MoU with Wuhan Iron and Steel
Australian mining company Mineralogy has recently signed a memorandum of understanding (MoU) worth $20 billion with Chinese steel producer Wuhan Iron and Steel Corp. In line with the deal, the company will supply 130 million tons of high grade iron ore from its Pilbara reserves. Wuhan Iron and Steel Corp expects to buy 5 million tons of high grade iron ore from Mineralogy each year for 25 years. Moreover, as the necessary approvals have been obtained, the company will start construction of a mine and a plant next year and production is expected to start in 2007.