Chinese company gains control of iron ore miner

July 9, 2008

July 9th (ABC Rural) – A company backed by the Chinese Government has gained virtual control of a West Australian miner, in what will be the first succesful bid of its kind by China.

After a sharemarket raid by Sinosteel Corp on iron ore aspirant, Midwest Corporation, the Chinese company is now the majority shareholder.

The Midwest Corporation is valued at about $1.5 billion dollars and has iron ore operations near Geraldton in WA.

The offer by Sinosteel to pay $6.38 per share is expected to be open until Friday.

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