It’s reported that China’s Hebei Steel has completed the project of buying PMC. Now it becomes the largest shareholder of South African miner Palabora Mining Co (PMC).
It buys the 74.5% stake of PMC which was owned by Rio Tinto and Anglo American and the deal was completed on July 31st.
PMC produces magnetite concentrate as a by-product of its copper mining and smelting operations in South Africa’s Limpopo province.
According to the official of Hebei Steel, the company now holds the largest stake in PMC but declined to reveal the exact shareholding.
This project is the second large case of Hegang’s overseas iron ore project this year.
Hebei Steel bought a 25% stake in the Kami project in eastern Canada’s Labrador Trough early this year.
The Chinese mill announced that its intention of raising its iron ore sufficiency to 40% by 2015 via its domestic captive iron ore mines and overseas investments
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=65822&division=A9
