Sandfire finalises $7m Posco placement

Posco Australia has Pty Ltd has completed its placement of 16.5 million shares in West Perth-based Sandfire Resources NL, taking its interest to 19.99 per cent.

The agreement provides Sandfire with a cash injection of $7.23 million which will be used to expand exploration works across its suite of projects.

The transaction was subject to shareholder approval and Foreign Investment Review Board approvals.

Posco Australia is a subsidiary of Korean based steel company POSCO, which currently is the world's fourth largest steel producer.