(MENAFN- ProactiveInvestors - Australia) Reedy Lagoon (ASX:RLC) and its joint venture partners have being joined by Nippon Steel and Sumitomo Metal Corporation and Sojitz Corporation to explore the Bullamine iron ore project in Western Australia.
Both the Japanese companies will be the new partners with 15% stake each.
The joint venture interests now include Cliffs Natural Resources with 45% stake, which also manages the operations and Reedy Lagoon with 25% interest.
Reedy's interest will continue to be free carried by others until a decision to mine with funding repayable only out of its portion of production.
The Bullamine joint venture is exploring for magnetite within tenements covering more than 1,000 square kilometres between Northam and Merredin, located to the east of Perth.
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