China steelmaker takes 13% interest in Centrex

The placement represents the first part of an up to $271 million investment by WISCO in Centrex, after the Australian Foreign Investment Review Board approved the joint development of a series of iron ore projects and a deep water port on South Australia’s Eyre Peninsula.
The placement expands Centrex’s current total number of ordinary shares on issue from 269.3 million to around 309.7 million.
Centrex chairman, David Lindh, said, “The placement by WISCO builds upon the strong foundations Centrex has set in place this year, via a series of strategic joint venture investments by our Chinese business partners in our magnetite assets and iron exploration rights.
“This, combined with the gaining of key approvals for Centrex’s own 100 per cent owned hematite project at Wilgerup, also on Eyre Peninsula, positions the Company as a future player in the iron ore industry and South Australian economy.”

Final ministerial approval for Southdown iron ore mine
Grange Resources Limited reported on the completion of a significant milestone for the company and the Southdown project near Albany in Western Australia.
Final Ministerial approval has been granted for the Southdown iron ore mine and associated pipeline infrastructure by the Western Australian Minister for the Environment, the Hon. Donna Faragher MLC.
Managing director Russell Clark said the approval placed the company in a strong position to capitalise on the improving iron ore pricing environment for the years ahead.
“We now have the Southdown iron ore mine in an approvals ready state, which will greatly enhance any future discussions with potential project financiers.
“This is a significant milestone in the development of Southdown and an important step in the development of Grange's second iron ore export operation.”
Grange is already Australia's leading magnetite producer, through the Savage River iron ore mine and Port Latta operations in Tasmania. Port Latta is currently Australia's largest producer of iron ore pellets.
The approval clears the way for Grange to begin construction and development at the Southdown iron ore mine immediately following the completion of a final Definitive Feasibility Study and financing for the project. Subject to joint venture approval, a final DFS is expected to take approximately 18 months to complete, drawing on Grange's extensive operational knowledge from the Savage River iron ore mine in Tasmania.

Karara project adds to growing Mid-West iron ore industry
Premier Colin Barnett joined a ceremony to mark the beginning of construction of the $1.8billion Karara Iron Ore Project, in the State’s Mid-West region.
Barnett said the Karara project, an Australian-Chinese joint venture between Gindalbie Metals and Anshan Iron and Steel Group Corporation (AnSteel), was a major landmark in the development of the Western Australian iron ore industry.
“Karara is the most advanced of proposals for large-scale iron ore mining in the Mid-West and its impact across a projected 35-year life span will be significant for surrounding communities and the State generally,” he said.
“Project construction will employ 1,500 people and there will be 500 jobs when the mine is operational.
“The project’s local preference policy will create opportunities for businesses and residents in towns like Morawa, Mullewa and Perenjori; for local farmers seeking additional income; and for other firms in the Mid-West.”
The Premier said the project further strengthened the Australia-China trade and development relationship, which was currently among the most important in the world.
“Ansteel, China’s biggest iron ore miner and second biggest steel producer, will be providing valuable expertise in mining and processing magnetite ore that will benefit the State,” he said.
“In return, WA will provide Ansteel’s new steel mill in China with a competitive and reliable supply of quality iron ore concentrate.”
The Karara Project will also lead to a major upgrade of regional infrastructure, including expanded power supply and improvements on the local rail network.
Importantly, with production targeted to reach 30 million tonnes annually, Karara will be a foundation customer for the new deep water port at Oakajee.