According to the strategic planning of specialized and internationalized operation, Sinosteel Corporation signed the Koolanooka and Weld Range Studies Joint Venture Agreement with Midwest Corporation in Australia on 18th October 2005. The Agreement indicates the birth of the first Iron Ore Developing Project overseas which is shareholded 50 per cent by a Chinese company, including the development of infrastructure such as Rail, Port and Pellet plant etc. Under such circumstances, Sinosteel Australia Mining Pty Ltd was formally incorporated in November 2005. which is a wholly-owned subsidiary of Sinosteel Corporation. Meanwhile, Sinosteel Australia Mining Pty Ltd holds 50 percent of the equity of Sinosteel-Midwest Management Pty Ltd via Sinosteel Kooweld Pty Ltd, the 100% owned subsidiary of Sinosteel Australia Mining Pty Ltd. Sinosteel-Midwest Management Pty Ltd is a Joint Venture Management Company between Sinosteel Corporation and Midwest Corporation Limited. The company will be in charge of the exploration, feasibilities and development of Koolanooka magnetite and Weldrange hematite according to the Koolanooka and Weld Range Studies Joint Venture Agreement. Focusing on the three main businesses of Sinosteel Corporation, Sinosteel Australia Mining Pty Ltd targets the developing goals as follows: Do the utmost to implement the Joint Venture Project with Midwest Corporation, speeding the exploration and development of Koolanooka and Weld Range, implement the developing, mining of recourses and relative infrastructure, accumulate relevant experiences for Sinosteel Corporation on studies, exploration and developing of overseas resources. Being the platform of mining feasibility, exploration and developing in Australia of Sinosteel Corporation, Sinosteel Australia Mining Pty Ltd will expand other mineral resources in Australia on the basis of Midwest Project. By utilizing the Capital Market, the company will contribute to the developing of overseas resources of Sinosteel Corporation.