According to report, China's Xingang Resources, the subsidiary of China's Xingang Iron and Steel in Henan province, is now at advanced stages of plan to buy Australian iron ore and gold miner Accent Resources.
Xingang is one of more than 10 Chinese companies that Accent tried to sell its key asset, the Magnetite Range Project in the Mid-West region of Western Australia.
Magnetite Range has mine life of 20 years for about annual output of 5 million tons.