Angang Group Hong Kong, a subsidiary of Liaoning Province-based Chinese steelmaker Anshan Iron and Steel Group Co. (Ansteel), has received approval from Australia’s Foreign Investment Review Board (FIRB) for the purchase of 87,804,101shares in Australian iron ore miner Gindalbie Metals Ltd, as announced by Chinese steel producer Pangang Steel Vanadium & Titanium Plant Co., which is a listed unit of Ansteel. The price per share is A$0.255, with the overall transaction price amounting to A$22.39 million (US$23.1 million) in cash.
Angang Group Hong Kong currently holds a 35.89 percent stake in Gindalbie Metals. As of June 30, 2012, Gindalbie’s total assets amounted to a value of RMB 4.586 billion (US$736 million).