Jiuquan Iron & Steel Group, the second-biggest steelmaker in northern China, agreed to transfer all its steel and mining assets into a venture with Netherlands- registered metals group International Mineral Resources BV.

International Mineral Resources will pay the equivalent of 10.4 billion yuan ($1.5 billion) for a 49 percent stake in the venture, while Jiuquan Steel will hold the remaining stake, listed unit Gansu Jiu Steel Group Hongxing Iron & Steel Ltd. said today in a statement to the Shanghai stock exchange.