An Isle of Man iron ore producer has signed a memorandum of understanding with three large Chinese steel producers.
Ferrous Resources Limited says it signed the document with the largest privately owned Chinese steel producer, as well as a large state-owned steelmaker.
The company says it's hoping to become a major iron ore producer, exporting to international markets from its mines in Brazil.
It hopes to be producing 25 million tonnes by the end of 2013, rising to 65 million a year by 2016.
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