https://www.miningweekly.com

Shares spike at Aquila after Baosteel lifts stake

19th December 2013

By: Reuters

  

Font size: - +

SYDNEY – Shares of Australia's Aquila Resources briefly rose more than 6% on Thursday after the company said one of China's largest steelmakers, Baosteel, had raised its stake to almost 20%.

The stock climbed as high as A$2.25, or by A$0.13 before falling back. At 03:00 GMT it stood 2% higher at A$2.16.

Baosteel bought 19-million Aquila shares, or 4.6% of all outstanding shares, taking its stake to just under the 20 percent threshold where it would need to declare its takeover intentions under Australian securities rules.

Baosteel initially acquired a 15% interest in 2009 and has a representative on the company's board.

Aquila in a statement said it took Baosteel's move as a "sign of support" for its undeveloped West Pilbara iron-ore project.

China, under its five-year plan, has said it aims to secure half its imported iron ore from mines owned or co-owned by Chinese firms by 2015, up from 15% in 2011.

Aquila's executive chairman, Tony Poli, was not available for comment. A company spokesman said it was not immediately apparent if the stock was acquired by Baosteel on or off market.

Edited by Reuters

Comments

Showroom

Showroom image
Alcohol Breathalysers

Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.146 0.181s - 92pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: