Century Iron Mines, an iron ore miner with projects in Quebec and Newfoundland and Labrador, has reached a $120 million development deal with WISCO Resources, one of the third largest steel producer in China.
WISCO Resources, which holds an approximate 25% interest in Century Iron, will invest $120 million in exchange for a 40% interest in three of Century Iron Mines' projects, Duncan Lake, Attikamagen and Sunny Lake. Funds will be used for exploration and development.
WISCO Resources is a major subsidiaries of Wuhan Iron & Steel Corporation, headquartered in Wuhan in the province of Hubei in the People's Republic of China.
WISCO Group is 286th in the list of Forbes Global 500 and is the third largest steel producer in China. The WISCO Group is one of the "big three" Chinese state-owned integrated iron and steel groups. In 2010, the WISCO Group had an annual output of 36 million tonnes of steel. The WISCO Group's portfolio of business activities includes mining, coking, sintering, iron making, steel making, rolling and associated utilities.