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Article: BAOSTEEL GETS 15PC OF AUSTRALIAN CO AQUILA FOR US$240 MLN.
- Article from:
- AsiaPulse News
- Article date:
- August 28, 2009
CopyrightCOPYRIGHT 2009 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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SYDNEY, Aug 28 Asia Pulse - Western Australia-based exoplorer and producer Aquila Resources Ltd (ASX:AQA) has reached a strategic co-operation agreement with Chinese steel giant Baosteel to develop its iron ore, coal and manganese projects.
Under the deal, Baosteel (SSX:600019), will take up to 15 per cent of Aquila, investing up to $A286 million (US$239.7 million) in return for as many as 43.95 million shares in Aquila.
Baosteel will work with Aquila to develop the Australian company's steel raw materials projects, including iron ore, coal and manganese.
"The strategic co-operation that has been established by the signing of these two ...