China Metallurgical Group Corporation recently reached an agreement with the Russian steel company Evraz Group, the two sides will jointly develop the Lambert angle iron ore project in Australia. According to the agreement, the Jevraz Group will hold 75% of the shares of the project, China Metallurgical Group will own 25% of the shares, the project will be led by the Evraz Group, and the general contracting of the project will be undertaken by China Metallurgical Group. Both parties agreed that all of the project's iron ore concentrate products are destined for use in China, and China Metallurgical Group will sell them for 60% of the price, and the price will be 10% lower than the international agreement price.