It is reported that Gindalbie shareholders have approved the deal to increase Angang's stake in Gindalbie. After the deal, Angang will become Gindalbie's biggest shareholder with the stake of 36.28%.

Gindalbie Metals Ltd is an Australian mining company listed in Australian Stock Exchanges in 1994. In April 2006, the two companies started to cooperate for the first time at Karara iron ore project in the Australia's mid west.

In June 2007, Angang purchased 12.94% of Gindalbie stake with the total investment o f CNY 251 million and become the company's second largest shareholder. And this time, Angang invested CNY 740 million to acquired 190,658,800 shares of the company's stock with the price of AUD0.85 per share.

Insiders from Angang said, the Karara project is going to be the major iron ore supplier for Angang's Bayuquan Base and the cooperation between the two sides is an important step in Angang's global strategy.

(Sourced from MySteel.net)
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