November 22, 2008

MCC finally acquires Australian ore project for CNY 2.6 billion

China Business News today reported that China Metallurgical Group Corp finally won approval from Australia's Foreign Investment Review Board and signed a formal agreement with Cape Lambert Iron Ore Ltd for buying the company's iron ore project in the Pilbara region of West Australia.

According to the report, MCC let a subsidiary in Australia to sign the pact and will pay a total of AUD 400 million for the transaction.

What's noticeable is that this success of purchasing the resource project in Australia came after MCC re lodged the application and the preliminary agreement was signed on February 2008 without a nod of the FIRB until last month when relodge was made.