Chilean miner Minera Santa Bárbara (MSB) is negotiating a joint venture with Chinese steelmaker Wisco to develop iron ore reserves in the country, Steel Business Briefing learns from Australia’s Admiralty Resources, MSB’s parent company.
According to the group, the Chilean iron ore producer has at least eight mines not operating, which “would be suitable for such co-development."
MSB operates at Atacama, northern Chile. Currently, the company has a sales contract with Wisco. Both parties are also negotiating a new supply contract for a period of five or ten years.
Admiralty also says it is in advanced negotiations to acquire a 40% stake owned by Wyndham Explorations in MSB. This will allow the Australian group to reach a 100% ownership of the Chilean miner.
Publication: SBB - Steel Business Briefing
Provider: Steel Business Briefing
Date: August 29, 2008
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