Baosteel, China's largest steelmaker, plans to invest A$286m (US$241.2m) for a 15 per cent stake in Aquila Resources, an Australian iron ore and coal company, in a deal that underlines the country's deepening interest in Australian iron ore assets.
Baosteel said the Aquila purchase was its first large strategic investment in a foreign public company.
“[It] is an important transaction in Baosteel's strategy to secure long-term supply of critical steel raw materials for its steel making business,” the Chinese group said in a statement.
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