Wuhan Iron & Steel (Group) Corp (WISCO), one of the country's largest steel makers, has finalized the terms of an agreement worth 240 million U.S. dollars with Consolidated Thompson Iron Mines of Canada, said Thursday's China Daily.

WISCO will buy 38.7 million common shares of the Canadian company at a price of 2.72 Canadian dollars per share, which represents a 19.99 percent stake in the company. Consolidated Thompson will receive aggregate proceeds of 105.2 million Canadian dollars.

The two companies will also establish a limited partnership in which WISCO will hold a 25 percent interest and to which Consolidated Thompson will contribute its Bloom Lake property.

Located in Duplessis County in Quebec, Bloom Lake is a development-stage iron ore project with a 34-year mining life.

The move is expected to help WISCO secure its overseas iron ore supply at a time when the country's steel industry is largely depending on the world's top three iron ore miners, BHP, Rio Tinto and Vale.

Source:Xinhua