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Mt Gibson signs Chinese partner

MOUNT Gibson Iron has announced an agreement with Shougang Holding Hong Kong, a subsidiary of China’s fourth largest steel maker, to jointly develop the extensive magnetite iron ore resources at Mt Gibson, in the Mid-West region of Western Australia. Shougang will subscribe $120 million to earn a 50 per cent interest in Extension Hill (EHPL). EHPL is the vehicle for the proposed Extension Hill mine and concentrator and owns the surrounding Mt Gibson magnetite resources. Shougang will also become a strategic investor in Mount Gibson, via an option to acquire up to 15 per cent of shares on issue in the company, at the time the option is exercised. A $10 million feasibility study for the project is expected to be completed in October, according to the company. Mount Gibson has also appointed Alan Rule as finance director. Mr Rule has been finance director of Asian Iron Holdings for the past year and has previously worked with the company on its Extension Hill magnetite project.

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