State-owned steel maker Angang Group Hong Kong (Ansteel) has received the necessary record‐filing notices from the National Development and Reform Commission and the Ministry of Commerce of China for its proposed acquisition of Australian miner Gindalbie.
The State Administration of Foreign Exchange of China has also given its approval for the transaction, in terms of which Ansteel is offering 2.6c a share for Gindalbie.
The approvals means that the transaction has now ticked all the Chinese regulatory approvals and has also received approval from the Australian Foreign Investment Review Board. It still remains subject to a number of conditions, including the approval of Gindalbie shareholders and the approval of the court.
Gindalbie is the 52.16% shareholder of the Karara project, in Western Australia. The transaction was announced in March, at the same time as Gindablie’s plans to demerge its subsidiary Coda Minerals, which holds the rights to a strategic portfolio of tenements in South Australia. Following the demerger, Coda will hold the Mt Gunson assets and A$10.64-million in cash.