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Angang Steel raises stake in Australian ore producer

By Tong Hao (chinadaily.com.cn)
Updated: 2009-02-10 16:53

Angang Steel Co, China's third largest steelmaker by output, said it has acquired additional shares in Gindalbie Metals for 740 million yuan ($108.35 million), boosting its holding in the Australian iron ore producer to 36.28 percent.

The Chinese company bought a 12.94 percent stake in Gindalbie for 251 million yuan in June 2007. The latest purchase has made Angang the largest single shareholder in Gindalbie.

Since April 2006, the two companies have jointly developed an iron ore project in Karara in western Australia, which is the major source of ore for Angang.