Wisco and CXM Company to carry out mining right delivery 1.5 billion U.S. dollars investment in Australia joint venture

July 7, Wisco and the Australian Centrex Metals Ltd. (hereinafter referred to as CXM company) of the mining rights delivery in Australia SA completed.　　Wisco pays the first mineral rights to buy 51.5 million AUD and the first exploration fee of 50 million Australian dollars, CXM company to the Wuhan Iron and Steel Corporation, Australia resources company handed over the mine warrants. CXM is a resource company listed on the Australian Stock Exchange and has a number of iron ore rights on the east coast of Nanao al-Jazeera. Wuhan Iron and Steel Cooperative mining area is located in the central and southern Nanao Peninsula, composed of 5 leases, a total area of more than 600 square kilometers, the mining area along the north-south direction of the coastline distribution, 60 kilometers away from the sea. Cooperation Project 5 lease Zone 11 occurrences-300 meters above the resource potential assessment of 2.282 billion tons; Wisco commissioned Geosciences Consulting evaluation, that-200 meters or more iron ore resources potential 12.9~17.7 billion tons. Wuhan Iron and Steel Corporation Australia resources Company on November 23, 2009 to subscribe to 0.25 Australian dollars per share of CXM Company's additional 15% shares, the total price of 10,099,900 Australian dollars.　　After the completion of the acquisition, Wisco Australian resources Company shareholding 13.04%, become CXM Company's second largest shareholder, and has a CXM company board seat. This is the completion of the mining rights acquisition part, the completion of the delivery, means that the Wuhan Iron and Steel Company and CXM companies in accordance with the establishment of 60:40 of the joint venture company formally operated, Wisco will dominate the project exploration, construction and operation. After the completion of mining, the size of mining is expected to be 33 million tons/year, an annual output of 10 million tons of iron concentrate, investment of about 1.5 billion U.S. dollars.