🕐01.11.09 - 00:34 Uhr
Baosteel received approval from Australia for investment in Aquila
MEDIA RELEASE
1 November 2009
Baosteel received approval from Australia for investment with Aquila
-- FIRB approved the AUD $286.5m Investment from Baosteel Group to Aquila
Resources--
Highlights:
* Baosteel received approval from FIRB for AUD$285.6m investment
* Share placement (carried out in two tranches) give 15% of Aquila shares
to Baosteel of 43.95 million at $6.50 per share
* Aquila shareholders has approved 9.7m share placement (second
placement)
* Baosteels Vice President Mr.
Zhihao Dai to Join Aquila Board
* Chinese government approvals for Baosteel investment well advanced
Baosteel Group Corporation ("Baosteel" or "the company") has been advised
that the Foreign Investment Review Board (FIRB") has approved the
investment with Aquila Resources Limited ("Aquila"), an Australian
diversified mining company, to acquire a 15% stake in the Company for
AUD$285.6 million (equivalent to RMB 1.65 billion).
Baosteel will become
the second largest shareholder in Aquila.
Baosteel Vice President, Mr Zhihao Dai, said Baosteel is extremely pleased
with the approval by FIRB of the Companys investment into Aquila.
"The approval from FIRB represents a significant step forward in Baosteels
internationalization strategy, symbolizing a significant and solid step in
the companys international development.
"We would like to thank the support of Australian government and Aquila for
the co-operation and we look forward to working closely with Aquila.
"The final step in the process is approval by the Chinese government and we
understand that approval process is well advanced."
Mr Tony Poli, Executive Chairman, Aquila Resources, commented "Aquila is
very pleased to have FIRB approval and is extremely proud to have one of
the worlds largest steelmakers, Baosteel Group, on board to fast-track
Aquilas significant iron ore, coal and manganese projects.
This is a
positive step forward for the development of important mineral assets in
the Pilbara region of Western Australia"
Baosteel has also signed a Memorandum of Strategic Cooperation with Aquila
to further explore project-level investment.
For further information please contact:
Chao He
Department of Public Relations
Baosteel Group
Tel: 86-21-68403906
Email:
Media contact:
China
Jerry Zhu
Professional Public Relations
Tel: 86-10-65818586- 601
Email:
Australia
Karen Oswald
Professional Public Relations
Tel: 0423 602 353
Email:
Background on Baosteel
Baosteel Group Corporation is a state authorised investment institution
approved by the State Council and a state-controlling company.
It is the
most competitive steel complex in China at present.
In 2008, Baosteel
registered a sales revenue of RMB 246.839 billion yuan, a total profit of
RMB 23.813 billion yuan, a total assets of RMB 352.497 billion yuan and a
net assets of RMB 219.435 billion yuan; the total employees of Baosteel are
108914 people; Baosteel has been enrolled in Global 500 for 6 years
consecutively and ranked 220th this year.
Aquila Resources
Aquila Resources is focused on exploration, development and production of
coal, iron ore and manganese assets situated in Australia and South Africa.
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