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Australia clears China stake in iron firm

(Agencies)
Updated: 2008-08-20 14:09

Iron ore firm Golden West Resources said Australian foreign investment regulators had cleared a proposal for China's Hunan Valin Steel Tube & Wire Co to buy 11.4 percent of the company.

The deal was first announced by Golden West on August 12, subject to approval by the Foreign Investment Review Board.

It follows several similar alliances where Chinese steelmakers have bought stakes in Australian iron ore miners, anxious to secure supplies of an essential raw material that is in short supply.

Golden West said Chinese regulators had also approved the deal, under which Hunan Valin will buy 14.4 million new Golden West shares at A$1.85 each, raising A$26.6 million ($23.1 million) for Golden West.

Golden West is still in the exploration phase, one of several smaller firms in a new iron ore precinct in west Australia. Like its fellow prospectors, it needs fresh equity and forward sales to help fund mining development.

Under a separate arrangement, Golden West has agreed to supply up to 4.5 million tonnes of iron ore a year to Hunan Valin, which is one-third owned by Arcelor Mittal, the world's largest steelmaker, over 15 years from the start of production.

Golden West has not given a timeframe for production start-up, partly because the port it intends to use for exports has not been built yet. The proposed Oakajee port is expected to be completed by about 2013, according to local media.