MOSCOW, July 31 (RIA Novosti) - Russia's largest steelmaker Evraz Group S.A. [LSE: EVR] said on Thursday it had signed an agreement on developing an iron ore deposit in western Australia jointly with China's Metallurgical Group Corp.
The deposit will be developed as part of the Cape Lambert project. In July, Evraz exercised an option to acquire 19% of shares in Australia's Cape Lambert Iron Ore, which holds the license to the project.
The Cape Lambert deposit's reserves are estimated at 1.56 billion metric tons of iron ore. The project stipulates annual production of 15 million tons of iron ore concentrate, most of which is expected to be supplied to China.
Evraz's stake in the project will total 75% while China's Metallurgical Group Corporation will hold 25%.
