The Australian iron ore producer Mount Gibson Iron Limited (Mount Gibson) has announced that Russian steel and iron ore producer Metalloinvest Holding (Metalloinvest) has sold a 19.73 percent stake it owned in the company to Hong Kong-based Shougang Concord International Enterprises Company Limited (Shougang Concord), a subsidiary of the sixth largest Chinese steelmaker Shougang Holding Limited (Shougang Hong Kong).
The current transaction is subject to approval by the Commonwealth Foreign Investment Review Board.
Shougang Hong Kong also owns an approximate 18.05 percent stake in APAC Resources Limited (APAC), which holds 20.22 percent of Mount Gibson shares.