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Ansteel increases Gindalbie stake

28th March 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Iron-ore miner Gindalbie Metals on Thursday completed a A$22-million share placement to joint venture partner Ansteel.

The share placement, comprising more than 87.8-million shares, at an issue price of A$0.255 a share, was approved by shareholders at a meeting held during February.

Ansteel now holds a 36% shareholding in Gindalbie.

The A$22-million share placement formed part of the A$62-million equity raising announced in November last year, to strengthen Gindalbie’s balance sheet and fund its contributions to the Karara project for working capital during the commissioning phase.

The miner told shareholders that the commissioning and ramp-up of the Karara project was proceeding well. Achieving nameplate capacity of eight-million tons a year was scheduled during the June quarter of this year.

Edited by Creamer Media Reporter

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