Australia-based mining company Laconia Resources Limited has signed an agreement with Chinese conglomerate Sinoz Mining Investment Group (Sinoz) regarding joint exploration of the Mooletar iron ore project in Western Australia.

According to the agreement, Sinoz will invest A$7.5 million ($7.65 million) within 24 months from the signing of the agreement. The Mooletar project has an exploration target of between 216 million mt and 264 million mt of iron ore.

Laconia Resources is principally engaged in the exploration and development of gold and base metals in Western Australia.