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China Railway acquiring stakes in 2 Australian ore firms

(China Daily/Agencies)
Updated: 2009-09-09 08:10

China Railway Materials Commercial Corp has agreed to pay A$39.8 million ($34 million) to buy stakes in two Australian iron ore explorers to secure supplies.

State-owned China Railway agreed to buy an 11.4 percent stake in United Minerals Corp and a 12 percent stake in FerrAus Ltd, the two Australian companies said yesterday in separate statements. Both agreements include talks for sales accords with Beijing-based China Railway for future ore output.

Related readings:  China Railway gets $7.5b global order  China Railway bags 5 orders  Next year's iron ore talks in jeopardy  Taiyuan seeks Australian iron, nickel investment

China, the world's biggest iron ore buyer, has been investing in Australia to secure supplies as steel demand surges.

FerrAus jumped 12 percent to 60 cents at the Australian stock exchange, while United Minerals advanced 6.9 percent to A$1.09.

In a separate move, China Guangdong Nuclear Power Holding Co Ltd has agreed a takeover bid for Australian uranium explorer Energy Metals, the Australian company said yesterday.

Under the deal, the Chinese firm will buy up to 70 percent of Energy Metals for A$1.02 per share and underwrite a 1-for-9 rights issue by the Australian firm at 90 cents a share.