September 06, 2008

Shagang buys 90% stake in Stemcor Australia iron ore mine - Report

The Shanghai Business Review reported in its online version that that Jiangsu Shagang Group, a private Chinese steel maker, has purchased a 90% stake in an iron ore mine owned by Stemcor Holdings Ltd in Australia. Financial details of the transaction were not provided.

The report citing a company source said that Shagang would help fund an expansion of the pellet producing mine and plant, extending its life to 2023 from 2009.