Hebei Iron & Steel Group plans to purchase a 19.9 percent stake in Canada's Alderon Iron Ore Corp and a 25 percent interest in Alderon's Kami iron ore project for a total of $194 million, an insider from the company told media Sunday.

Hebei Steel will cooperate with Alderon to develop the Kami iron ore project after the deal. By taking part in the development of foreign mines, Chinese firms will have a greater chance to have their voices heard in the international iron ore market, said Wang Yifang, president of Hebei Steel.

Source:chinesestock