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Ansteel gets nod to up stake in Gindalbie

(Xinhua)
Updated: 2009-05-09 11:43

Australian Treasurer Wayne Swan announced on Friday his approval on the Chinese steel maker Anshan Iron and Steel Group Corporation (Ansteel)'s acquisition of an additional stake in Australian iron ore miner Gindalbie Metals Ltd.

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Ansteel had agreed on a number of undertakings that would support Australian mining jobs and protect Australia's investment participation in the Chinese resources market, Swan said.

"My approval under the Foreign Acquisitions and Takeovers Act 1975 is conditional upon Ansteel supporting the wider development of infrastructure in the Mid-west (of Australia), and maintaining agreed levels of Australian participation in a green fields joint venture in China's Liaoning province," Swan said in a statement.

Swan said this foreign investment decision has allowed Ansteel to have a stake of up to 36.28 percent in Gindalbie, conditional upon legally enforceable undertakings by Ansteel.

Ansteel was also a 50 percent partner in a joint venture with Gindalbie to develop the Karara Iron Ore Project.

The Karara Iron Ore Project has been a A$1.8 billion ($1.4 billion) development in the Mid-west region of Western Australia.