An agreement has been signed between Wuhan Iron and Steel and the China-Africa Development Fund on the transfer of the CADF stake in the Bong Iron Ore Mine as well as the Strategic Cooperation Agreement on Mineral Resource Exploitation in Africa in Beijing on 12 March. The Bong Iron Ore Mine located in the southwestern part of Bong County, Liberia is a large, open iron ore mine with a proven reserve of over 1.3 billion tonnes. According to the agreement on the transfer of the CADF stake in the Bong Iron Ore Mine which Wuhan Iron and Steel will acquire 60% of the stake in the China-Union Investment from CADF for USD 68 million which will give Wuhan Iron and Steel the controlling stake in the Bong Iron Ore Mine.