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China Metallurgical buys stake in Aussie miner
By Pan Xiaoyi |
February 3, 2010, Wednesday
|
Online Edition
Online Edition
CHINA Metallurgical Corp plans to buy US$200 million worth of shares in Australian Resourcehouse, eying its rich mines in eastern Australia including coal, iron ore and crude oil.
The Chinese company has signed an agreement to acquire up to a 5 percent stake in the Queensland-based company, which is planning on an initial public offering in Hong Kong, according to a statement China Metallurgical filed to Shanghai Stock Exchange today.
Under a separate deal with Resourcehouse's subsidiary China First Pty, China Metallurgical has gained management rights on a coal mine and a 4-percent commission on selling the 30 million tons coal produced annually.
Resourcehouse, owned by Australia's fifth-richest man Clive Palmer, also owns iron ore and crude resources as well as important ports and railways in northeastern Australia. It has gained approval to be listed on Hong Kong bourse and plans to hold a road show in the first half.
The stake investment is pending approval from Resourcehouse shareholders as well as authorities from both countries.
The Chinese company has signed an agreement to acquire up to a 5 percent stake in the Queensland-based company, which is planning on an initial public offering in Hong Kong, according to a statement China Metallurgical filed to Shanghai Stock Exchange today.
Under a separate deal with Resourcehouse's subsidiary China First Pty, China Metallurgical has gained management rights on a coal mine and a 4-percent commission on selling the 30 million tons coal produced annually.
Resourcehouse, owned by Australia's fifth-richest man Clive Palmer, also owns iron ore and crude resources as well as important ports and railways in northeastern Australia. It has gained approval to be listed on Hong Kong bourse and plans to hold a road show in the first half.
The stake investment is pending approval from Resourcehouse shareholders as well as authorities from both countries.
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