Market Report –China Invests in Aussie Ore

5 November 2009 (Last Updated November 5th, 2009 18:30)

This week, Australia’s Foreign Investment Review Board approved China's Wuhan Iron and Steel's plan to make a $271m mining investment in South Australia's Eyre Peninsula. Wuhan's plan involves purchasing a 13% stake in Australia's Centrex Metals and a 60% stake in Centrex'

This week, Australia’s Foreign Investment Review Board approved China's Wuhan Iron and Steel's plan to make a $271m mining investment in South Australia's Eyre Peninsula.

Wuhan's plan involves purchasing a 13% stake in Australia's Centrex Metals and a 60% stake in Centrex's iron ore rights, which covers five tenements on Eyre Peninsula.

Randgold Resources signed a definitive agreement with L’Office des Mines d’Or de Kilo-Moto to acquire an additional 20% stake in the Moto Gold Project in consideration for $113.6m.

Pelangio Resources made the initial payment totalling $750,000 and six million common shares pursuant to its options to purchase the remaining 49% of its three concessions covering 290km2 in Obuasi, Ghana.

The gold exploration company currently has a 51% stake in the Obuasi Property and, after the first payment, may purchase the remainder by paying an additional $1,500,000.

Intrepid Mines and Cornerstone Capital Resources entered into a joint venture for Cornerstone's Ecuador-based Shyri property.

The term sheet enables Intrepid to earn a 60% stake in the property.

Constitution Mining purchased an additional 25% stake in the mineral rights for 382km2 of mining assets in the Gold Sands district in north-east Peru for $750,000 and 2,500,000 shares.

This brought the company's stake in the mineral rights to 50%.

Canada-based Capstone Mining has decided to make a strategic investment in Nevada Copper by owning 11.1% of Nevada Copper's total issued and outstanding common shares once the private placement is completed.