WISCO has now paid $102 million into the deal that aims to establish two magnetite iron ore mines within four to five years, each producing five million tonnes of ore a year.
The two companies have also committed to developing a deep water port.
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Centrex chairman David Klingberg said the joint venture was significant news for the local community and for South Australia.
"We are very pleased with the relationship that has developed with WISCO during the extensive negotiations and we look forward to a successful enterprise," he said in a statement on Wednesday.
SA Mineral Resources Minister Paul Holloway said the deal was one of the largest in the state by a Chinese-backed steel entity.
"It is testament to the fact that South Australia remains attractive to foreign investment in our mineral resources, particularly by the long-term customers of the future such as China," Mr Holloway said.
"This joint venture will allow exploration and development studies on two magnetite projects on the Eyre Peninsula to begin immediately."
