By Rebecca Keenan
April 23 (Bloomberg) -- Anshan Iron & Steel Group may receive approval from Australia for its A$162 million ($114 million) investment in Gindalbie Metals Ltd. within a month, Gindalbie said.
“We firmly believe the application will be approved,” Gindalbie Chief Executive Officer Garret Dixon said in a statement to the Australian stock exchange. Gindalbie and Anshan will hold a press conference in Perth later today.
Anshan resubmitted its application to invest in Gindalbie Metals Ltd. on April 17. Anshan is seeking Australian approval that would take its stake in the iron ore mine developer to 36 percent from 12.6 percent. Australian lawmakers last month voted to start an inquiry into foreign investment laws amid a backlash over Aluminum Corp. of China’s proposed $19.5 billion investment in Rio Tinto Group.
“There’s been a bit of fear of Australian resources being owned by the Chinese,” Dixon said. “Frankly, I think that fear is unwarranted.”
To contact the reporter on this story: Rebecca Keenan in Melbourne at rkeenan5@bloomberg.net
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