On September 23, Sichuan Province-based Chinese steelmaker Pangang Group Vanadium Titanium & Resources Co. announced its approval for its wholly-owned subsidiary Angang Group Investment (Australia) Co. to provide another $A30 million in shareholder loans for the Karara iron ore project in Western Australia. Therefore, combined with previous shareholder loans, Angang Group Investment (Australia) Co. has converted its total $A60 million in shareholder loans into a 2.16 percent stake in the Karara project and so it now owns a 52.16 percent stake in the project.
Accordingly, Australian iron ore miner Gindalbie Metals' stake in Karara Mining Co., the controlling company of the Karara iron ore project, has declined to less than 48 percent.