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Australia to allow Sinosteel to buy into Murchison

(Agencies)
Updated: 2008-09-22 11:13

Australia has given approval for Chinese metals trader Sinosteel to buy up to a 49.9 percent stake in iron ore prospector Murchison Metals Ltd.

Treasurer Wayne Swan said in a statement on Sunday that a shareholding of up to 49.9 percent in Murchison would maintain diversity of ownership in the as-yet undeveloped Yilgarn iron ore mining region of west Australia.

Sinosteel, China's largest ferrous metals trader, was required under Australian law to seek government permission for any stake in an Australian company of more than 15 percent.

Last week it completed a $1.3 billion takeover of Midwest Ltd.

Sinosteel, part of Chinese efforts to secure raw materials supplies to feed a booming economy, had previously sought permission to buy up to 100 percent of Murchison, but had withdrawn the application.

"The government considers the development of such potentially significant new resource areas should occur through arrangements that are open to multiple investors," Swan said in the statement.