China’s Western Mining completes approval process for FerrAus deal

July 7, 2008

July 7th (Quamnet) – Western Mining Co Ltd (SHA 601168), China’s second-largest lead and fourth-largest zinc producer, said it has received all necessary approvals for its investment in Australian-listed iron ore miner FerrAus Ltd.

In April, the company announced plans to buy 13.53-15.68 mln more shares in FerrAus at 1.15 aud each in a placement, at a total price of no more than 140.3 mln yuan. It will hold 10 pct of FerrAus after the deal.

In a statement filed with the Shanghai Stock Exchange, the company said shareholders of FerrAus approved the deal on June 26, the day after it received approval from Australia’s foreign investment regulator.

The company received approval for the deal in late May from the National Development and Reform Commission, China’s economic planning agency.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: