Australia’s Lincoln Minerals has reached an agreement to buy back a 40 per cent interest in its Gum Flat iron ore project near Port Lincoln from Indian company Mineral Enterprises Limited and is seek investment from a Chinese steel mill.
Gum Flat contains magnetite and hematite, both of which can be used to make steel.
Lincoln Minerals has also been involved in negotiations with Centrex Metals regarding Centrex's proposed joint ventures and assignment of interest in the iron ore rights on various Eyre Peninsula exploration licences to Chinese companies.
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