Century Iron Mines finalizes Quebec venture agreements with China's WISCO

Century Iron Mines (TSE:FER) Tuesday finalized its joint venture agreement with WISCO International Resources, a unit of Wuhan Iron & Steel, China's third-largest steel producer.
Under the definitive joint venture agreement, WISCO Resources will invest an aggregate of $120 million in exchange for a 40 percent stake in Century's Duncan Lake, Attikamagen and Sunny Lake projects in Quebec.
Century Iron Mines' president and CEO, Sandy Chim, said: "Our successful conclusion of the negotiations with WISCO Resources enables us to expand and expedite the exploration of our Duncan Lake, Attikamagen and Sunny Lake projects with WISCO as our key strategic partner.
"The funding of these projects under the joint venture agreements will enable us to execute on our significant exploration plans for each of these projects."
In late August, the company said that WISCO would invest in three joint ventures to explore and develop the company’s Duncan Lake, Attikamagen and Sunny Lake projects.
Sunny Lake is currently 100-percent owned by Century, while it has a 51 percent interest with Augyva Mining Resources (CVE:AUV) at  Duncan Lake, with an option to increase to 65 percent.
At Attikamagen, the company currently has an option to acquire up to a 60 percent interest in the project with Champion Minerals (TSE:CHM).
Century Iron is an emerging iron ore exploration and development company, with iron ore assets located in Northern Quebec and Labrador.
The company has two key strategic partners in WISCO Resources and Minmetals Exploration & Development, both state-owned Chinese companies with financial and technical resources to assist the company with funding for the exploration and development of its iron ore projects.
Tuesday afternoon, Century Iron Mines shares were flat at $2.20.