Wisco acquires Australian iron ore mining rights

Wisco has completed a joint venture with Australian CXM to develop an iron ore mine on South Australia's Eyre Peninsula. WISCO paid A$51.5 million to CXM for mineral exploitation rights and another A$50 million to the joint venture to cover the cost of the first-phrase exploration. The joint project, with an estimated investment of $1.5 billion, is expected to annually produce 33 million tons of iron ore and 10 million tons of concentrates.