SteelOrbis Shanghai
The board of Australian iron ore prospector Gindalbie Metals recently approval a proposal to sell more shares to Angang, one of China's largest iron ore miners and steelmakers. After completion of the deal, Angang Group will hold 36.28 percent of shares in Gindalbie Metals, becoming the largest shareholder in the company.
In April 2006, Gindalbie Metals secured a buy-in and 50/50 joint venture arrangement with Angang to finance and develop the Karara project based in Western Australia.
In June 2007, Angang acquired a 12.94 percent stake in Gindalbie Metals at a cost of RMB 251 million. In its latest purchase, Angang will pay a total of AU$162.06 million (RMB 740 million) for 190.6588 million shares, i.e at AU$0.85 per share.