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SYDNEY (XFN-ASIA) - China's Anshan Iron & Steel Group Corp (AnSteel) is seeking a 12.94 pct stake in its Karara iron ore joint venture partner, Gindalbie Metals Ltd, Gindalbie said.
Last year, Gindalbie and AnSteel formed the 50/50 Karara joint venture which is developing iron ore deposits in the Mid West region of Western Australia near Murchison. The ore is to be transported to the port of Geraldton for export.
Gindalbie will issue 65 mln shares at 0.60 aud each to AnSteel's Hong Kong investment vehicle, Angang Group Hong Kong Co Ltd, to raise 39 mln aud.
Following completion of the share placement, AnSteel will become Gindalbie's second largest shareholder.
The share subscription agreement is conditional upon AnSteel receiving approval and sign-off from relevant Chinese regulatory authorities, which are expected to be received within two months.
After completing the placement, AnSteel will be invited to nominate a representative to join Gindalbie's board of directors.
Gindalbie chief executive Garret Dixon said the two parties have developed a very close and successful working relationship.
He added the joint venture is moving towards completion of the bankable feasibility study on the Karara Magnetite project by the end of August and will commence development of the Mungada hematite iron ore project within the next few months.
(1 usd = 1.20 aud)
SYDNEY (XFN-ASIA) - China's Anshan Iron & Steel Group Corp (AnSteel) is seeking a 12.94 pct stake in its Karara iron ore joint venture partner, Gindalbie Metals Ltd, Gindalbie said.
Last year, Gindalbie and AnSteel formed the 50/50 Karara joint venture which is developing iron ore deposits in the Mid West region of Western Australia near Murchison. The ore is to be transported to the port of Geraldton for export.
Gindalbie will issue 65 mln shares at 0.60 aud each to AnSteel's Hong Kong investment vehicle, Angang Group Hong Kong Co Ltd, to raise 39 mln aud.
Following completion of the share placement, AnSteel will become Gindalbie's second largest shareholder.
The share subscription agreement is conditional upon AnSteel receiving approval and sign-off from relevant Chinese regulatory authorities, which are expected to be received within two months.
After completing the placement, AnSteel will be invited to nominate a representative to join Gindalbie's board of directors.
Gindalbie chief executive Garret Dixon said the two parties have developed a very close and successful working relationship.
He added the joint venture is moving towards completion of the bankable feasibility study on the Karara Magnetite project by the end of August and will commence development of the Mungada hematite iron ore project within the next few months.
(1 usd = 1.20 aud)
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