Zanaga Iron Ore mentioned in that Africa boom time article has a project in Rep. of Congo and is joining Aim this week after raised $50m and existing shareholders have sold a further $50m of shares. It is expected to have a market capitalisation of about $700m when it is admitted on Thursday. Xstrata funded pre-feasibility studies and paid $106m for 50% option + 1 share.
Xstrata wants to build global iron ore unit. 9 Nov, 2010, REUTERS
Anglo-Swiss miner Xstrata Plc is looking for more iron ore acquisitions beyond its current takeover bid for Australia's Sphere Minerals , Xstrata's coal and iron ore division chief Peter Freyberg said.
The diversified mining house is focusing its acquisition strategy on iron ore because it is a commodity where Xstrata lacks scale, unlike its large zinc, copper and nickel businesses which have more potential for organic growth, Freybreg said.
"We have a very successful track record of building mines...but we also have a successful track record in terms of acquisitions," he said in a phone interview on Tuesday. "As we grow this iron ore business we will look to both those methods."
