Tuesday, April 07, 2009

Wuhan Steel Buys Stake In Canadian Miner

WUHAN Iron and Steel (Group) Corp, a major Chinese mill, has agreed to buy 19.9 percent in Canada-based Consolidated Thompson Iron Mines Ltd.

Wuhan Steel would also get no less than 25 pecent in a newly-incorporated company to operate Bloom Lake mine, a major deposit that is being developed, and will commit to buy a similar percentage of iron ore production over the life of that mine, according to Consolidated Thompson.

"In addition to providing necessary capital toward the completion of construction at Bloom Lake, we view this investment as a key strategic step in developing a long-term partnership," Consolidated Thompson's President and CEO Richard Quesnel said in a statement.

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