Anglo American will invest $51m ($49.3m) to develop the Earaheedy iron ore project near Wiluna in Australia and earn a 75% stake in the project.
Anglo will drill at least 7,500m in the next 18 months on the project, which is currently being developed by Cazaly Resources and Vector Resources.
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The company will secure a 51% interest in the project if it pays an additional A$21m ($20.3m) to the Cazaly-Vector joint venture over the next four years.
Once Anglo completes a bankable feasibility study and pays A$5m ($4.8m), it will raise its stake to 75%.
Cazaly managing director Clive Jones stated that the Earaheedy is a major iron ore province and requires the expertise of a major player to develop it.
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