WISCO 800 million yuan in Canada mining mine iron ore is expected to be self-sufficient within five years
Canadian mining listed company Adriana Resources Inc announced yesterday that the company has entered into a binding framework agreement with WISCO's WISCO International Resources Development Investment Co., Ltd., and both parties agreed to cooperate in the development and construction of the Lac Otelnuk project in Canada. Operation.
According to Adriana's announcement, WISCO will invest 120 million Canadian dollars (about 802 million yuan), which will occupy 60% of the joint venture company in the development of Lac Otelnuk project, and will also receive Adriana through the issuance of Adriana. 19.9% ​​of the shares and can appoint a director.
According to the reporter, the Lac Otelnuk iron ore mine is located in the Quebec region of Canada, with a grade of about 30%. The variety is magnetic fine iron ore with a reserve of about 6 billion tons. Although the grade is average, the mining cost is lower.
Adriana currently has iron ore resources in Brazil and Canada, with the goal of becoming a fully integrated iron ore producer, and China is Adriana's main target market.
According to the agreement between the two parties, after conducting the feasibility study, WISCO will also seek loans of about 70% for the funds for project development. Prior to this, Adriana revealed that it would cost about $600 million to develop the Lac Otelnuk project. However, this cooperation also requires the approval of the Chinese government and regulators and the signing of the final agreement.
Adriana Chairman and CEO Allen J Palmiere said that in the past 18 months, Adriana has been looking for strategic partners for the Lac Otelnuk project, and WISCO's technical and financial strength will help accelerate the expansion of the Lac Otelnuk project.
It is worth noting that on the day Adriana announced its cooperation with WISCO, Adriana's share price rose 17% before the suspension.
In fact, this is not the first investment of WISCO in Canada. In July 2010, WISCO invested US$240 million to acquire the ownership of 21.7 million shares of CLM, another Canadian iron ore company, with a 19.9% ​​stake.
Relevant persons from WISCO pointed out that compared with other countries, Canada's investment environment is more relaxed. Canada's mining investment environment is very attractive to Chinese companies, especially in emerging mines. About 50% of the world's exploration funds are obtained through Canadian exchanges.
Since the outbreak of the financial crisis, the global mining industry has been in trouble. WISCO has been looking for suitable acquisition targets around the world. Compared with other steel giants, WISCO is the most frequent domestic steel company that “goes out†and invests in Canada and Australia. And the Brazilian layout, and the investment is basically a combination of joint mining companies and joint venture development mine projects.
Insiders of WISCO told this reporter that the lack of self-produced ore has always been a bottleneck restricting the rapid development of WISCO. As 80% of WISCO's iron ore needs to be imported, the Group will increase the acquisition of overseas mineral resources. At present, WISCO has control over 3 billion tons of ore resources worldwide. According to WISCO's current iron ore investment layout and equity mines, WISCO expects to achieve self-sufficiency in iron ore within five years.
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