Australia’s Brockman says China firms seek stakes

June 25, 2008

June 25th (Reuters) – Chinese steel mills are seeking to buy an equity stake in Australian iron ore prospector Brockman Resources Ltd (BRM.AX: Quote, Profile, Research, Stock Buzz), Managing Director Wayne Richards said on Wednesday, adding that his firm was open to an approach.

Brockman has signed seven confidentiality agreements with Chinese groups over supplying ore, though no deals have yet been reached, Richards told Reuters in an interview.

 

The mills were smaller private-sector enterprises and were interested in investing in Brockman to secure future iron ore shipments, Richards said.

 

“In due course we will assess and make the determination whether we require equity positions in conjunction with off-takes or whether we solely build and fund our projects all the way through and just keep it very clean,” Richards said.

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