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Article: AUST GOVT NODS US$247 MLN FDI IN CENTREX BY CHINESE STEEL MAKER.
- Article from:
- AsiaPulse News
- Article date:
- November 5, 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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PERTH, Nov 5 Asia Pulse - The Australian government has approved a A$271 million (US$247.15 million) investment by China's third largest steel maker in iron ore explorer Centrex Metals Ltd (ASX:CXM).
The Foreign Investment Review Board (FIRB) has approved Wuhan Iron & Steel (Group) Co (WISCO)(SSE:600005) earning a 60 per cent stake in the iron ore rights to five Centrex-owned tenements on South Australia's southern Eyre Peninsula.
To earn its interest, WISCO will pay about A$10.1 million to take a 15 per cent stake in Centrex via a placement of 40 million new shares at a heavily discounted price of 25 cents per share.
Shares in Centrex were up ...