Shagang to purchase stakes of Australia Resources

Shagang to purchase 45% stakes of Grange Resources

China’s Jiangsu Shagang Group Co., has agreed to purchase 45 percent stakes in Australia’s Grange Resources Ltd to secure its future sales from a planned US$1.6 billion iron ore project in Australia. According to Grange’s recent statement, Grange will set up a new company that worth A$1 billion with Shagang controlled Australian Bulk Mineral. It’s is another move that China’s steelmakers, including Sinosteel Corp, to invest in Australian miners of raw material to secure supplies.