China’s Wuhan to pay for half of Australian iron-ore project.
Wuhan Iron and Steel Co. Ltd of China agreed to spend 126.3 million USD to purchase a 50% share in the iron ore project of Centrex Metals Ltd. Besides, Wuhan will pay an extra A$9.7 million for a direct 15% stake in Centrex and will co-operate with the miner to develop a new deep-water export port. Having decided to buy iron ore mine in the global economic crisis, China is believed to get itself ready for locking in future sources of supply.
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