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The project, 50% to 50% held by Angang Group and Gindalbie Metals, is due to start production in 2011, when it will supply the Chinese steelmaker iron ore concentrates of at least 8 million tons per year. It is 225 kilometers east of Geraldton Port in mid west Western Australia.
Gindalbie Metals went public on the Australian capital market as early as 1994. Currently, Angang Group holds a 36.28% stake in Gindalbie Metals as the majority shareholder, a result of two share placements kicked off by the Australian party in June 2007 and early 2009 respectively.
In September 2007, both sides agreed to invest AUD 1.8 billion in development of the Karara iron ore project. By far, it has received environmental approval from the Australian government.
Source: www.163.com (October 30, 2009)
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