Wuhan Iron & Steel Group, China’s third-largest steelmaker, is in talks with Canada-listed Adriana Resource to jointly develop an iron ore project in Quebec, according to a senior executive reported by China Daily.

Adriana Resource aims to become a fully integrated iron ore producer through investment in its iron ore port facility in Brazil, and through acquisition of iron ore mineral resources and projects in Brazil and Quebec. The company’s chairman Donald Charter visited Wisco in May to discuss potential cooperation opportunities.

For its part, Wisco has been seeking to invest in more overseas iron ore assets to reduce its dependence on imports and to become self-sufficient in iron ore supplies in three to five years.
In May it received approval from the National Development and Reform Commission for two acquisitions in Africa that are expected to contribute nearly 2bn tons of iron ore deposits. Last year, the company acquired a 21.52 per cent stake in Brazilian iron ore miner MMX Mineracao e Metalicos for US$400m.