Xinxing Ductile Iron Pipes has formed a joint venture with Canada's Advanced Explorations to develop the proposed Roche Bay magnetite mine in Nunavut, located on the north coast of Canada.

Xinxing Ductile and China Huaxin International will also acquire 19 percent of Advanced Explorations' stock at a price of C$0.25 per share.

In return, Advanced Explorations has promised to provide the Chinese pipe maker with half of its iron ore output once the Roche Bay project comes on stream.