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Ansteel to raise stake in Gindalbie

CHINA'S steel giant, Ansteel, received government approval to raise its stake in Australian iron ore explorer Gindalbie Metals, a spokesman with the Chinese mill said over the weekend.

The approval, which came last Tuesday, allowed Anshan Iron and Steel Group in Liaoning Province to raise its interest in Gindalbie from 12.6 percent to 36.28 percent to become its biggest shareholder, the spokesman said.

The deal will be done within a week, after which the two sides will invest A$534 million (US$431 million) to jointly own the Karara iron ore project in western Australia.

Gindalbie proposed Ansteel buy more of its shares in August last year. The application was passed by Gindalbie's board in early February.


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