Australia's United Minerals in China iron ore deal
SYDNEY, Sept 8 |
SYDNEY, Sept 8 (Reuters) - Australian iron ore prospector United Minerals Corp UMC.AX has agreed a supply and equity deal with China Railway Materials Commercial Corp, it said on Tuesday.
Under the deal, United would supply 3 million tonnes of ore a year for 10 years, with China Railway Materials taking A$27 million ($23 million) in United shares.
United said the deal would allow its iron ore deposit in Australia's Pilbara region to move towards production. (Reporting by Jonathan Standing; Editing by Mark Bendeich)
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