Major Chinese steelmaker Wuhan Iron and Steel Group Corp. (
WISCO) has announced that on February 15 it signed a cooperation agreement with Canadian
iron ore company Adriana Resources Inc. (ADI) for the development, construction and operation of the Lac Otelnuk
iron ore project in Quebec,
Canada. In January this year,
WISCO and ADI signed a binding framework agreement according to which
WISCO will hold ADI's interests in the Lac Otelnuk and December Lake
iron ore properties in Northern Quebec.
ADI also has
iron ore resources in Brazil and
Canada. The Lac Otelnuk project has indicated
iron ore reserves of 4.29 billion mt and inferred reserves of 1.97 billion mt (grading at about 29 percent Fe), according to ADI's website.