It is reported that Asia Iron Extension Hill magnetite project has moved a step further with the formalization of the project Chinese joint venture.

The company recently reported the completion of its USD 280 million share subscription agreement with Chongqing Chonggang Minerals Development Investment. In return, the Chinese state owned company will take a 60% stake in the mid-west iron ore project, south of Geraldton.

Mr Bill Mackenzie Extension Hill managing director said the finalization of the arrangements means detailed planning and design can begin. He said that "So our first step in a big project like this is to complete all the final plans and negotiate all the service contracts, construction contracts, do the planning for all the services and the labour that we need and then we start implementing the project next year."

(Sourced from www.abc.net.au)