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China Railway acquiring stakes in 2 Australian ore firms
(China Daily/Agencies)
Updated: 2009-09-09 08:10 China Railway Materials Commercial Corp has agreed to pay A$39.8 million ($34 million) to buy stakes in two Australian iron ore explorers to secure supplies. State-owned China Railway agreed to buy an 11.4 percent stake in United Minerals Corp and a 12 percent stake in FerrAus Ltd, the two Australian companies said yesterday in separate statements. Both agreements include talks for sales accords with Beijing-based China Railway for future ore output.
FerrAus jumped 12 percent to 60 cents at the Australian stock exchange, while United Minerals advanced 6.9 percent to A$1.09. In a separate move, China Guangdong Nuclear Power Holding Co Ltd has agreed a takeover bid for Australian uranium explorer Energy Metals, the Australian company said yesterday. Under the deal, the Chinese firm will buy up to 70 percent of Energy Metals for A$1.02 per share and underwrite a 1-for-9 rights issue by the Australian firm at 90 cents a share. (For more biz stories, please visit Industries)
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