Listed Mining Companies
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JOHANNESBURG (miningweekly.com) – ASX-listed diversified miner Aquila Resources on Monday reported that the proposed investment by Chinese steel manufacturer Boasteel, of A$285,6-million by way of a subscription of shares in Aquila, has been approved by the Australian Foreign Investment Review Board (FIRB).
If the acquisition was completed, Boasteel would own a 15% stake in Aquila, and would become the company’s second-largest shareholder. However, although Boasteel was only acquiring a 15% stake, FIRB approval gave the company leave to acquire 19,99%.
Subject to the receipt of relevant Chinese regulatory approvals, which have been sought by Baosteel, Aquila anticipates completion of the transaction in the latter half of November.
“Aquila is very pleased to have FIRB approval and is extremely proud to have one of the world’s largest steelmakers, Baosteel Group, on board to fast-track Aquila’s significant iron-ore, coal and manganese projects. This is a positive step forward for the development of important mineral assets in the Pilbara region of Western Australia,” said Aquila executive chairperson Tony Poli.
“The approval from FIRB represents a significant step forward in Baosteel's internationalisation strategy, symbolising a significant and solid step in the company’s international development,” said Boasteel vice president Zhihao Dai.
