Australia’s Fortescue Metals Group Ltd. (Fortescue) announced that it had reached an agreement with Sinosteel to finish a rapid assessment of the Chinese state-owned metals trader’s Midwest Magnetite project in Western Australia.

Based upon the company’s statement, Fortescue has the option to buy up to 50% of the project after the competition of the assessment. The assessment will also include a project at Oakajee about rail and port development.

Fortescue now could transit itself from an iron ore producer to a green energy company through the agreement. It has signed a set of deals for green energy projects, helping itself to realize carbon-neutral by 2030.