Russia's Evraz Group and China Metallurgical Group Corporation, or MCC, have agreed to jointly develop Australia's Cape Lambert iron ore field.
The field was recently acquired by MCC for almost 400 million dollars. The two companies have signed a deal under which Evraz will control 75% of the joint venture, leaving 25% for MCC. The deposit's reserves are estimated at 1.56 billion tonnes of iron ore, its annual iron concentrate output could reach 15 million tonnes.