Major Events in Jun 2013 over Iron Ore (3)

摘要

Australia's Gindalbie Metals Limited (Gindalbie) announced on Jun 11 that it agreed in principle with its joint venture partner Ansteel to a restructure of the Karara Project in Western Australia. Subject to final agreements and satisfaction of conditions precedent, including Foreign Investment Review Board (FIRB) approval, Chinese regulatory approvals and bank consent, Ansteel will have the option to increase its stake in KML to a maximum of 52.16%. Gindalbie's stake in Karara Mining Limited (KML) may be reduced from 50% to a minimum of 47.84% as Ansteel undertakes to provide all required bridging loan finance to KML to fund any cash shortfalls over the next 12 months. During this period, Ansteel and Gindalbie will assist KML to secure a new longer-term working capital facility for KML from China Development Bank.