CHINA's third largest steel company, Wuhan Iron & Steel based in Hubei province has an annual capacity of 30 million tonnes of steel, announced today (18/12/08) it will invest up to $180 million in South Australian iron ore projects the deal would allow it to fund mining and exploration developments in the Eyre Peninsula.
Under the agreement, Wuhan Iron & Steel will participate in the development of five projects in the southern part of Eyre Peninsula in the Port Lincoln - Tumby Bay region. They will involve the companies forming an equally held joint venture to develop several new iron ore mines and a deep water export port at Sheep Hill, near Tumby Bay on the Eyre Peninsula as SA currently has no port that can handle large Cape-sized vessels, required for bulk mineral commodities.
If the government approvals are formalised by March 2009, this will flow on to job security and the financial security of those investing in Adelaide and South Australia.
http://www.news.com.au/adelaidenow/story/0,22606,24817696-913,00.html
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