Adriana Resources reached a joint venture agreement with a unit of China's Wuhan Iron and Steel Co Ltd on Monday in the latest in a series of deals in Canada's iron mining sector. WISCO will pay C$120 million for a 60 percent stake in a joint venture company to develop Adriana's Lac Orelnuk and December Lake iron ore properties in northern Quebec and help with future financing costs. WISCO will also receive shares representing a nearly 20 percent stake in Adriana though a private placement.
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