Chongqing Iron & Steel has completed the acquisition of a 60 per cent stake in Asia Iron Holdings for Rmb1.8bn, according to various sources. This follows the signing of a framework agreement last November. Asia Iron owns iron ore and coal assets in Western Australia.

The two companies will develop a mine in Istan Xin Hill in Australia, estimated to contain 10m tons of high-purity magnetite concentrate. Production is due to start in the fourth quarter of 2013.