Ansteel approved to raise stake in Australian steelmaker

China's steel giant, Ansteel, had got government approval to increase its stake in Australian iron ore explorer Gindalbie Metals, a spokesman with Ansteel said Saturday.

The approval came Tuesday, allowing the Anshan Iron and Steel Group (Ansteel) in northeast China's Liaoning Province to increase its interest in Gindalbie from 12.6 percent to 36.28 percent to become its biggest shareholder, according to the spokesman of Ansteel.

The purchase will be finished within a week. Then the two sides will invest a 534-million-Australian dollar in Karara iron ore project in western Australia, with a 50-50 ownership.

Gindalbie proposed Ansteel buy more of its shares in August last year. The application was approved by the board of Gindalbie early February.

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