WISCO inks cooperation deal with ADI on Lac Otelnuk iron ore project

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.