Transactions & Cases Detail
WISCO completes C$20 million joint venture with Century Iron in Attikamagen iron property
September 26, 2012
Mining & Metals
20 Million CAD
On September 26, 2012, Century Iron Mines Corporation ("Century") announced that Century and WISCO International had completed the joint venture for Century's Attikamagen iron property, with WISCO concurrently completing its initial C$20 million investment in the joint venture. Century's interest in the Attikamagen Project is held by the company's subsidiary, Labec Century Iron Ore, which holds a 56% interest in the project pursuant to its joint venture agreement with Champion Iron Mines.
The Attikamagen Iron Project includes one group of claims straddling the boundary between the Provinces of Quebec and Newfoundland and Labrador. The property includes 405 designated cells located in Québec and 617 claims located in Labrador, covering an aggregated area of approximately 345 square kilometres. The claims are registered to Champion Minerals Inc. Their boundaries have not been legally surveyed.
The property is located approximately twenty kilometres northeast of Schefferville, Québec and is accessible by air. The Schefferville area is characterized by a sub-arctic continental climate with mild summers and very cold winters. This area is in the boreal forest with low rolling hills rising 600 to 700 metres above mean sea level
Century, headquartered in Toronto, Ontario, is a mining company with mineral exploration and development activities focused on iron ore.
WISCO International, headquartered in Wuhan, People’s Republic of China, is an integrated iron and steel group.
McCarthy Tétrault LLP represented WISCO, as investor in the joint venture. The team was led by Joyce Lee.