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Article: Chonggang Group to gain access to Aussie iron ore projects.
- Article from:
- China Business News
- Article date:
- November 9, 2009
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Chonggang Group to gain access to Aussie iron ore projects
Shanghai. November 9. INTERFAX-CHINA - A Chongqing Iron and Steel Group (Chonggang Group) joint venture has entered into a framework agreement to acquire a 60 percent stake in Asia Iron Holdings Ltd. (Asia Iron) through a new share issue, in order to gain access to Australian iron ore mining projects, state media reported on Nov. 7.
According to a Xinhua news agency report, Chonggang Group's joint venture vehicle will invest up to $258 million for the stake in Asia Iron, as well as the development of iron ore projects, including the Extension Hill Magnetite project. The acquisition will give ...