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Article: MOUNT GIBSON IRON SIGNS CHINA DEAL.
- Article from:
- AsiaPulse News
- Article date:
- June 23, 2005
CopyrightCOPYRIGHT 2005 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PERTH, June 23 Asia Pulse - Mount Gibson Iron Ltd (ASX:MGX) has become the latest Western Australian iron ore junior to catch the attention of the Chinese, signing a deal with the Shougang Group.
Mount Gibson's namesake magnetite deposit in the mid west region of Western Australia will now be developed with the Hong Kong subsidiary of Shougang.
Mount Gibson has a 64 per cent stake in Asia Iron Holdings Ltd, which is funding a $A10 million ($US7.77 million) bankable feasibility study into the development of a mine at the Extension Hill deposit at Mt Gibson.
Under the alliance, Shougang and Asia Iron have each committed to buying 2.5 million ...