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China's largest steel mill, Baosteel, and Australia's Fortescue Metals Group Ltd (FMG) have signed one of Australian mining industry's largest deal to supply up to 20 million tons of iron ore per annum.

The ten-year deal, which was signed in Perth, capital of the state of Western Australia on Monday, covers a first phase quantity of 11.1 percent up to 5 million tons per annum of FMG's initial production capacity of 45 million tons per annum.

Baosteel committed to purchase a further minimum of 11 million tons and up to 15 million tons per annum, out of a total of 25 million tons per annum of FMG's first expansion tonnage being achieved.

Baosteel and FMG also signed a Memorandum of Understanding to form a joint venture to explore and develop a potentially large area of Banded Iron Formation magnetite material.

Banded Iron Formation is one of the most common and dominant geological formations throughout the Pilbara are in Western Australia.

FMG, an emerging iron ore producer in Australia, said it has over the past three years been developing a broad relationship with Baosteel.

"Fortescue believes Baosteel's signature of the above documents marks a significant turning point in the development of the Pilbara on a long-term infrastructure driven and community basis," it said in a press release.

"Fortescue is honored to have entered into one of the largest single off-take agreements and partnerships in the history of the iron ore industry," it said.

(For more biz stories, please visit Industry Updates)