Article: BAOGANG GROUP TO LIFT HOLDINGS IN AUSTRALIAN MINER CXM


AsiaInfo Services
09-01-2009
Baogang Group to Lift Holdings in Australian Miner CXM

BAOTOU, Sep 01, 2009 (SinoCast Daily Business Beat via COMTEX) -- Chinese steelmaker Baogang Group will spend AUD 40 million additionally buying a 50% stake in Centrex Metals Ltd. (CXM), a mining company in Australia, according to a series of cooperation agreements inked by both sides.

If the agreements were approved by the Foreign Investment Review Board of Australia and related Chinese regulators, Baogang Group will start making substantial preparations for this deal along with the Australian miner.

As early as July 2006, CXM issued 2,190 shares in a private placement to the Chinese steelmaker at a price of ...

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