Following a recent deal on the Sutton Forest mine, South Korean steelmaking giant POSCO has purchased a stake in another Australian iron ore mine.
A board meeting at POSCO Center on July 16 approved the deal on a 24.5 percent stake in the Australian Premium Iron (API) project.
POSCO will spend AU$183 million (US$163.9 million) to buy the stake in the mine, located in northwest Australia, and will invest in its future development projects accordingly.
With the deal, the company's self-sufficiency in iron ore supplies will climb from 18 percent to 34 percent.