Sinosteel Ocean Capital, a subsidiary of Chinese state-owned enterprise Sinosteel Corporation (Sinosteel), on Tuesday raised its stake in Australian iron ore exploration company Murchison Metals Ltd (Murchison) from 4.5 percent to 5.85 percent.
Commenting on the purchase, Murchison Executive Chairman, Paul Kopejtka stated, "It is clear that Sinosteel sees Murchison as a sound investment considering its status as a major strategic player in the mid-west region (of Western Australia)."
Sinosteel had previously sought to acquire up to 100 percent of Murchison but later withdrew its application.
In July last year, Sinosteel acquired Murchison's neighbor, iron ore miner Midwest Corporation Ltd, for $1.36 billion.