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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (35964)	4/23/2009 3:00:33 PM
From: LoneClone	Read Replies (1) of 194032

Valin wins regulator approval to buy Fortescue stake Thursday, 23 Apr 2009 steelguru.com Bloomberg reported that Hunan Valin Iron & Steel Group won approval from a Chinese regulator for its AUD 1.3 billion investments in Fortescue Metals Group Ltd. Shares of Australia’s third-largest iron ore producer jumped. Perth based Fortescue said the National Development and Reform Commission the country’s top planner approved the purchase. Two more government bodies still need to approve the agreement. Valin will own 17.3% of Fortescue, making it the second-largest shareholder behind founder and Chief Executive Officer Mr Andrew Forrest. Chinese companies in February proposed to invest about AUD 21 billion in debt-laden Australian producers, securing supplies of iron ore copper and gold. Mr Helen Wang a Shanghai- based analyst with DBS Vickers said “China is encouraging acquisitions of resource companies to secure raw material supplies. Exports of resources make up a considerable part of Australia’s economy. It needs China, which has a sustainable demand for that.” Fortescue jumped as much as 7% to AUD 2.70 in Sydney trading, and was at AUD 2.64 at 11:14 AM local time. The benchmark index rose 0.1%. Valin, China’s ninth-largest steelmaker is also securing more supplies of ore from Fortescue. Mr Cameron Morse a Perth-based spokesman for Fortescue said “We would expect the other agencies to be reviewing this straight away. We have every confidence they will support the NDRC’s decision.” Mr Forrest CEO said Fortescue is still speaking with other investors in China. The company in February said it was in talks with China’s USD 200 billion sovereign wealth funds for a hybrid funding package.

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