Shares in Australia’s Aquila soared Wednesday after Baosteel won Chinese approval to take a 285.6 million dollar (265.7 million US) stake in the coal miner and iron ore explorer. Aquila’s shares rose 58 cents,

or 6.63 percent, to 9.33 dollars in early trade after the company said
it expected settlement on the deal with China’s biggest steelmaker by
the middle of next week. Australian authorities gave the green light on
October 30 for Baosteel to take up to 19.99 percent of shares in
Aquila, up from the 15 percent initially agreed under the deal. On
Tuesday, the company said “all necessary Chinese regulatory approvals
have been received for Baosteel Group Corporation’s investment in
Aquila”. “The board of Aquila is very pleased that this significant
investment and strategic co-operation has now become unconditional,” it
said in a statement. The deal comes as China seeks to secure raw
material supplies to support its growth by buying into Australia’s vast
mineral resources sector. Under the Aquila deal, Baosteel will be given
preference to directly invest in most of the company’s projects –
which include iron ore, coal and manganese — and will provide support
in sourcing financing from Chinese institutions.

Source: AFP

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• Baosteel Affiliate Haibao Express takes 230,000 t capacity ship

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• Timeline Chinese investment in Australian resources

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