Wuhan Iron & Steel Corp. (WISCO) has signed an agreement with Australian Western Plains Resources Ltd to invest up to AUD 45 million to set up a 50-50 joint venture for the miner’s magnetite deposits in South Australia. The joint venture will develop Hawks Nest deposits, which stores up 570 million tonnes of ore with potential reserve of up to one billion tons. Quality iron ore concentrate would be acquired after simple magnetic separation. The company would take charge of exploration, feasibility study and construction. As per the agreement, Australia listed WPG will specifically issue 15% of its shares to WISCO at a unit price of AUD 0.25. WISCO will become WPG second shareholder after the deal.