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October 27, 2009

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Home » Business » Energy

Chinese miner seals approval for stake

THE Australian government approved yesterday a Chinese mining company to take a stake in unlisted uranium explorer Raisama Ltd.

Perth-based Raisama said in a statement yesterday that Australia's Foreign Investment Review Board had approved Hebei Mining taking a 14.9-percent stake in the firm.

The Hebei provincial government is securing strategic interests in uranium exploration companies internationally that it believes have the best potential to meet the province's need for uranium, Raisama said.

Separately, Raisama plans to launch its initial public offer within a fortnight.

The company hopes to raise A$12 million dollars (US$11 million), with funds earmarked for exploration of projects in Western Australia and Kyrgyzstan.

"The (Hebei) transaction was structured to strike the right balance between the attractiveness of new capital and avoiding excessive dilution of existing shareholders prior to our IPO," Raisama Managing Director David Berrie said.

The Australian government last week approved Yanzhou Coal Mining Co's proposed A$3.54-billion acquisition of coal miner Felix Resources Ltd.


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