China’s Ansteel is a step closer to owning 100 per cent of the Karara magnetite iron ore operations in Western Australia after an independent expert backed its $25 million offer for ASX-listed Gindalbie Metals.
Ansteel already has a 36 per cent stake in Gindalbie, its minority partner in the Karara project in WA’s mid west that has about $US3.2 billion ($4.6 billion) debt.
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Brad Thompson writes across business and politics from Western Australia for The Australian Financial Review. Brad is based in our Perth bureau. Connect with Brad on Twitter. Email Brad at brad.thompson@afr.com
