Chinese steelmaker Ansteel is set to increase its stake in junior iron ore miner Gindalbie Metals Ltd to 36 per cent in a deal expected to be worth $160 million..
The money would allow Gindalbie to push ahead with its Karara iron ore project in Western Australia, and would guarantee Ansteel access to a special type of ore.
Gindalbie chairman George Jones says its a significant investment in the future of the state's resource industry.
"At the moment, Ansteel source this ore form Brazil, so it replaces ore from Brazil and is not displacing anyone else," he says.
"It is new business for Australia and it is significant."
Source: ABC, Australia
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