China Armco Metals Inc. has agreed to acquire up to a 19.9 percent stake in Apollo Minerals Ltd., an Australian iron ore exploration company, for about $3.6 million.
Apollo owns the exploration rights of two mineral developments in Western Australia that contain significant iron ore deposits.
Additionally, Apollo has agreed to give China Armco the off-take rights to no less than 15 percent of the iron ore production from one of its projects.
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