The West Australian Business News reports that, "Russian steelmaker Magnitorsk Iron & Steel Works (MMK) has increased its stake in iron ore developer Fortescue Metals Group Ltd. MMK, which is the largest enterprise in the Russian steel industry and accounts for 20 per cent of all steel products in the country's domestic market, has upped its stake in Fortescue to 5.37 per cent."
--Victor Rashnikov is the billionaire businessman who runs Magnintorsk, and he sees something he likes in Fortescue's Pilbara project, which is set to ship its first ore to China in 2008. Are the Russians and the Chinese playing a new "Great Game" for Australia's mineral resources?
--The Business News reminds us that, "Steel baron Alisher Usmanov played a key role in Mt Gibson Iron Ltd's 2006 takeover of fellow iron ore miner Aztec Resources Ltd by purchasing shares in both bidder and target," and that "In January, fellow oligarch Vladimir Iorich secured a 13 per cent stake in gold hopeful Avoca Resources Ltd by paying $26 million."
--In Outstanding Investments we've already detailed China and Japan's long-term business interests in WA. Yesterday we mentioned that BHP likes the look of things going forward. But it may be the junior iron- ore and mineral producers who have the most to gain (in share price terms) from the international interest in Australian resource assets.
Hmmn! Go ARH. Angers
ARH Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
