China's Hebei Iron in talks to buy Australian mine

China's Hebei Iron and Steel Group, one of the country's largest steelmakers, is in talks with Atlas Iron Limited for a stake in a magnetite mine in Western Australia, state media reported Tuesday.
The Chinese mill is eyeing the Ridley project, which is expected to yield 15 million tonnes of ore per year over the next 35 years, to bolster its iron ore supplies, the China Daily said, citing sources familiar with the matter.
The newspaper did not specify how big a stake Hebei Iron was seeking.
Officials at the company was not able to immediately comment when contacted by AFP on Tuesday.