China Seeks Mount Gibson’s Ore

As China continues to procure iron ore from around the world, news from Australia that Beijing-based Shougang Corp has acquired a 20 percent stake in Australia’s leading iron ore producer, Mount Gibson Iron. From the Herald Sun:

Shougang – China’s fourth-largest steelmaker – holds an 18.05 per cent stake in Hong Kong-based APAC, which in turn owns 20.2 per cent of Mount Gibson.

If Shougang and APAC are found to be acting together, they could be required to launch a formal takeover bid as their combined stake exceeds the threshold set out in the corporations law.