Sinosteel invests in Australian iron ore mines
China's largest iron ore importer, Sinosteel Corp., set up a joint venture with Australia's Midwest Corporation in order to develop iron ore mines in the state of Western Australia. The A$1.5 billion ($1.13 billion) joint venture covers the development of the Koolanooka and Weld Range projects. The two companies have begun preparing the feasibility study, and the project will need to obtain approval from Australian authorities once the feasibility study is ready. Speaking after signing the joint venture agreement, Huang Tainwen, president of Sinosteel, said that they expected a 5 to 10 percent decrease in global iron ore prices in 2006, which could still be accepted as a sound level.