Jiangsu Shagang Group, a private Chinese steel maker, has purchased a 90 pct stake in an iron ore mine owned by Stemcor Holdings Ltd in Australia, the Shanghai Business Review reported in its online version.

Shagang will help fund an expansion of the pellet-producing mine and plant, extending its life to 2023 from 2009, the report said, citing a company source.

Financial details of the transaction were not provided.