Sinosteel Corp, the country's biggest chrome importer, has signed an agreement to pay more than 200 mln usd for a 50 pct stake in a chrome mine and a chromite processing plant held by South Africa's Samancor Chrome Co, the China Business News reported.

The newspaper cited Sinosteel's president Huang Tianwen as saying the deal was signed during the recent Forum on China-Africa Cooperation and is still awaiting approval from the National Development Reform Commission (NDRC).

Samancor Chrome's chairman Danko Konchar also told the newspaper that the two parties will set up a joint venture, Tubatse Chrome Co, that will have annual chrome production capacity of 280,000 tons.

Sinosteel has previously set up a chrome-related joint venture with South Africa's Limpopo Northern Co.

Huang also said that Sinosteel plans to list its five main products units over the next 3-5 years. These include chrome ore, carbon products, fire-resistant material, ferroalloy and equipment manufacture.

(1 usd = 7.87 yuan)