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Chinese steel marker buys into Austrialian miner
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A unit of Chinese steel maker Shougang Corp bought a 19.73-percent stake in iron-ore miner Mount Gibson Iron Ltd to secure its supply of raw materials, the Australian company said yesterday.

Shougang Concord International Enterprises Co bought 156.8 million shares from Gazmetall Holding Cyprus Ltd, controlled by Russian metals mogul Alisher Usmanov, Mount Gibson said, without giving a price.

The deal requires Australian regulatory approval. Hong Kong-listed Shougang Concord is controlled by Beijing-based Shougang Corp. Mount Gibson said that Shougang Holding (Hong Kong) Ltd, another unit of Shougang Corp, also owns 18.05 percent of APAC Resources Ltd, which has a 20.22-percent of Mount Gibson. The latest purchase would give Shougang Corp indirect control of about 40 percent in Mount Gibson.

"To clarify media and market speculation, Mount Gibson advises that it has not been informed by Shougang Concord or Shougang Corp that it intends to make an offer to all of the Mount Gibson shareholders," Mount Gibson said in a statement.

A Shougang Concord representative said the company will make an announcement later.

Shougang Holding (HK), whose ultimate parent entity is also Shougang Corp, owns more than 20 percent of Shougang Concord.

Shougang Concord bought 73 percent of Asia Iron Holdings Ltd, which has an iron ore project in Western Australia, from Mount Gibson last year.

(Shanghai Daily February 1, 2008)

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