The 73% stake in Asia Iron Holdings was puchased from Mount Gibson Iron Limited for A$52.5 million and could provide one million tonnes of magnetite iron-ore concentrate to ShougangÆs steel mills each year.
The Mount Gibson deal is another move by the Chinese to take control of iron ore supply and be less exposed to global price fluctuations. The worldÆs three biggest miners û BrazilÆs CVRD and AustraliaÆs Rio Tinto and BHP Billiton û currently account for 70% of global exports.
While the deal with Shougang was being inked this week,...
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