UPDATE: China Wuhan Iron & Steel Mulls Stake In Adriana Resources Project -Report
19 Novembre 2010 - 4:13PM
Dow Jones News
Wuhan Iron & Steel Group, (600005.SH) China's third-largest
steel maker by output, is in discussions with Canada-listed Adriana
Resources Inc. (ADI.V) on a stake in an iron-ore project in Quebec,
the state-run China Daily reported Friday.
"We have reached a preliminary agreement with Adriana Resources
to jointly develop the iron ore project," the newspaper cited an
unnamed company executive as saying.
A spokeswoman for Adriana couldn't immediately be reached.
Wuhan Iron's reported interest in Toronto-based Adriana
Resources comes at a time when some of the world's largest steel
producers are showing an interest in Canadian resource companies
developing or producing key raw materials for steel production.
This strategy allows steel producers to either hedge their
production costs and/or secure a key supply of important raw
materials. Earlier this month, Luxembourg-based ArcelorMittal (MT),
the world's largest steel producer, agreed to acquire Toronto-based
Baffinland Iron Mines Corp. (BIM.T), for C$433 million to reduce
its dependence on outside supplies of iron ore.
Baffinland is developing its Mary River iron ore project on
Canada's Baffin Island in the northern territory of Nunavut.
Baffinland says the Mary River property has 365 million tons of
proven and probable reserves with a grade of 64.7% iron and 500
million tons of additional resources.
Located in Lac Otelnuk, Quebec, Adriana's project contains more
than 6 billion tons of ore reserves with ore content of 29%, it
said.
Wuhan Iron also plans to organize a group of Chinese companies
to jointly develop an iron-ore project in Cameroon, and the China
State Construction Engineering Corp. has expressed interest, the
newspaper cited the executive as saying.
Adriana Resources is a junior exploration-stage company, engaged
in the acquisition and exploration of resource properties including
the Lac Otelnuk project and the development of an iron-ore port
facility in Brazil.
Newspaper Website: www.chinadaily.com.cn
-By Ben Dummett, Dow Jones Newswires; ben.dummett@dowjones.com;
416-306-2024
(-Yue Li contributed to this article; Dow Jones Newswires;
(8621) 6120 1200; yue.li@dowjones.com_
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