China's Sinosteel Corp. has agreed to buy a controlling stake in two uranium deposits in Australia's mineral-rich Outback, the first such purchase since Australia lifted a ban on uranium sales to China this year, International Herald Tribune reported. The government-owned Sinosteel signed a memorandum of understanding with Australia's PepinNini Minerals Ltd. in Beijing on Wednesday to develop the Crocker Well and Mt. Victoria deposits in South Australia state, said the paper. If the deal is approved by Australia's Foreign Investment Review Board, Sinosteel will pay PepinNini 30.5 million Australian dollars (US$22.9 million; €18.06 million) for a 60 percent stake in the two deposits, which may contain up to 6.8 million kilograms (14.9 million pounds) of uranium, the companies said in a joint statement. Australia, which has 40 percent of the world's known uranium reserves, agreed in April to allow China to buy the resource under strict controls that ensure it is used only for nonmilitary purposes.