BEIJING (Dow Jones)--Australia's third-largest iron ore supplier, Fortescue Metals
Group Ltd. (FMG.AU), has inked a deal with Chinese steelmaker Hunan Valin Steel Co.
(000932.SZ) to develop iron ore mines and to process ores in Changsha, Hunan province,
Xinhua News Agency reported Thursday.
"The agreement is in its early stages and the companies look forward to a mutually
beneficial long-term future," Fortescue spokesman Cameron Morse told Dow Jones
Newswires Thursday.
Fortescue Chief Executive Officer Andrew Forrest was quoted by SinoCast China Business
Daily News last week as saying the deal would allow Valin to get a stable iron ore supply
over the long term, and that Fortescue would get strong support in developing low-tenor
iron mines from a couple of higher education institutions in Hunan province - he named
Central South University.
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