Australian Journal reported, Australia's third-largest iron ore producer Fortescue released Wednesday, the company has reached an agreement with Baosteel Group Corporation, will be merged to one of two interests in two iron ore mining project in Hong Kongsubsidiary. Fortescue will have a 88% interest in this subsidiary, Baosteel holds 12% interest.

Fortescue, a subsidiary of FMG, the Iron Bridge, will have the Northstar project and the Glacier Valley project. The former by the latter a 65% interest is held by the Fortescue Fortescue owned;, Baosteel has a 35% interest in the project. The combined resources of the two projects is estimated at 3.2 billion tons.

Fortescue said, with Baosteel in Shanghai signed the agreement, but the agreement has yet to be approved by the Australian Foreign Investment Review Board and the Chinese State-owned Assets Supervision and Management Committee.


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