It is reported that October 29th Angang Steel finally received environmental approval from Federal Government of Australia for its Karara iron ore JV with Perth-based Gindalbie Metals Limited. It is the greatest landmark for the project after getting environmental approval from the West Australian government this September.
The Karara iron ore JV, located at West Australia state is expected to cost more than USD 2 billion and generate more than 1,500 jobs during the construction phase with 500 ongoing jobs once the site is established.
Angang and Gindalbie own 50% stakes respectively of this project which is planned to be on stream in 2011 and provide at least 8 million tonnes of Fe68.2% iron ore concentrate to Angang Steel every year.
In 2007, Angang Steel signed an agreement with Gindalbie to acquire a 12.94% stake. Angang Steel thus became the largest shareholder of Gindalbie.
(Sourced from MySteel.net)
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