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Ansteel approved to raise stake in Australian steelmaker

(Xinhua)
Updated: 2009-06-29 10:18

China's steel giant, Ansteel, had got government approval to increase its stake in Australian iron ore explorer Gindalbie Metals, a spokesman with Ansteel said Saturday.

Related readings:  AnSteel gets Gindalbie approval  Ansteel JV opens tyre cord plant  Weak economy cuts China's Ansteel '08 net 55%  China to push for more Oz iron ore assets

The approval came Tuesday, allowing the Anshan Iron and Steel Group (Ansteel) in northeast China's Liaoning province to increase its interest in Gindalbie from 12.6 percent to 36.28 percent to become its biggest shareholder, according to the spokesman of Ansteel.

The purchase will be finished within a week. Then the two sides will invest a A$534-million in Karara iron ore project in western Australia, with a 50-50 ownership.

Gindalbie proposed Ansteel buy more of its shares in August last year. The application was approved by the board of Gindalbie early February.