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WISCO buys into Canadian miner

By Jiang Wei (chinadaily.com.cn)
Updated: 2009-03-31 14:29

Wuhan Iron Steel Corp (WISCO), one of China's largest steelmakers, has agreed to pay $240 million to acquire a 19.9 percent stake in Canada's Consolidated Thompson Iron Mines Ltd, the Canadian company said.

In addition, WISCO will receive not less than a 25 percent interest in a newly incorporated company established to operate the Bloom Lake mine. It will also purchase a similar percentage of iron ore production over the life of the mine.

"This partnership will also strengthen Consolidated Thompson's potential to expand from the current mine plan of 8 million tons per year to 16 million tons of annual production of iron ore," said Consolidated Thompson's Chief Executive Richard Quesnel.