Australian explorer IMX Resources has entered agreements handing over magnetite iron ore and copper to a Chinese steel company.
As part of the deal, IMX also holds the first right to purchase a processing plant in north-east China from Tonghua.
Tonghua Mining will buy all the magnetite and copper ore from the first phase of IMX's Carin Hill project, located 55km south-east of Coober Pedy.
The agreement will see up to 1.4Mt of ore sold to the company each year for three years.
Mining and railing at Cairn Hill is expected to begin in the fourth quarter of 2008, followed by the first export shipment in early 2009.
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