Domestic
China's Wuhan steel group to cooperate with Australian firm
(Xinhua)
Updated: 2009-07-21 13:24
Wuhan Iron and Steel (Group) Corp, a major iron and steel company in central China, signed an agreement with Australian Centrex Metals Ltd (CXM) on Monday for joint development of iron ore mines in southern Australia and other projects.
Wuhan Iron and Steel will pay A$216 million ($175.52 million) to gain 60 percent of the interests of the cooperation mine area, according to the agreement.
The cooperation ore mine covers about 600 sq km in southern Australia.
Deng Qilin, general manager of Wuhan Iron and Steel, said the strategic cooperation was a win-win deal under the current financial crisis.
