Sinosteel asks Australia for bigger stake in Murchison
27 June 2008
Mainland iron-ore trader Sinosteel has requested approval from the Australian government to increase its stake in Murchison Metals, an Australian firm it is competing with to gain control of mining company Midwest Corp, the South China Morning Post reported. Sinosteel currently holds a 2.4% stake in Murchison, and would need approval from Australia's Foreign Investment Review Board to acquire more than 15% of the company. Sinosteel currently holds 43.62% in Midwest and is seeking a controlling stake in the miner. Control of both Midwest and Murchison could allow Sinosteel to more quickly develop mine, port and rail projects and ship iron ore to China.