Iron ore trading company Sinosteel has received approval to purchase up to 49.9% of Murchison Metals, an Australian miner, Bloomberg reported. The stake would be worth US$202 million based on Murchison’s most recent trading price. When announcing the approval, Australia’s Treasurer Wayne Swan said Sinosteel had originally sought to acquire up to 100% of Murchison but then withdrew its application. The Australian company is working with Japan’s Mitsubishi Corp to develop a US$2.9 billion port, rail and mine project in Oakajee, Western Australia. If the project is approved, the port could open as early as 2012. Sinosteel already controls neighboring iron ore miner Midwest Corp.
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