Hebei Province-based Chinese steelmaker Xinxing Ductile Iron Pipes (Xinxing Pipes) has announced that it plans to purchase C$5 million worth of non-interest convertible bonds from Canadian iron ore miner Advanced Explorations Inc. (AEI).
The deal will allow AEI to complete feasibility assessments to bring its Roche Bay project in Nunavut, Canada to commercial operation.
Xinxing Huaxin, the joint venture founded by Xinxing Pipes and Hong Kong Huaxin International in September last year, purchased 21.23 million shares from AEI last October, becoming the largest shareholder of AEI with 14.5 percent, while Xinxing Pipes owns a 70 percent stake in the joint venture.