The joint venture was structured as a shareholders' deal where Wisco Attikamagen will now invest $40 million for a 40 per cent stake in Labec Century, a unit of Century.
Wisco International also completed an initial $20 million investment in the joint venture and now as a result is a shareholder of Labec Century.
Representatives of Wisco International have been appointed to Labec Century's board, while management of Labec will be carried out by both Century and Wisco International.
Century said proceeds from Wisco International's equity investment will be used to partly cover exploration costs incurred, and to advance the Attikamagen project with Champion Iron Mines (TSE:CHM).
"We have achieved a significant milestone in the development of Century's business with the assistance of our strategic partner, Wisco International," chief executive Sandy Chim said in a statement.
"Today's formation of the joint venture and the $20 million investment by Wisco International is a continued demonstration of Wisco's support for Century's iron ore projects and its business strategy."
Century Iron Mines is Canada's largest holder of iron ore land claims in a public company, with interests in several properties in the Provinces of Quebec and Newfoundland & Labrador.
The Attikamagen Iron project includes claims straddling the boundary between the provinces of Quebec and Newfoundland and Labrador.
The property is located 20 kilometres northeast of Schefferville, Québec. It includes about 405 cells and 617 claims in Labrador.
Century's stock rose 1.82 per cent to hit $1.12 each on the Toronto Stock Exchange.