The sovereign wealth fund of South Korea, Korea Investment Corporation (KIC), will invest in a special purpose company, Manabi Holding, The Wall Street Journal reports. KIC is seeking to invest about $100 million in the Brazilian company that administers steel assets, including iron-ore exploration.
Canadian pension fund, Ontario Teacher’s Pension Plan, and an asset-management firm will also participate in the company’s iron-ore exploration project. The pension fund will contribute about $100 million to the company.
Click here for the story from The Wall Street Journal.