China's third-largest steel group is to invest $186 million in iron ore projects in South Australia.
An agreement has been signed between Wuhan Iron and Steel and Adelaide-based Centrex Metals and is subject to government approval.
The joint venture is expected to lead to development of two iron ore mines over the next seven years, near Port Lincoln on Eyre Peninsula.
Centrex Metals says the deal is significant because tensions in the global iron ore market are straining negotiations.
Source: ABC
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