Come on FDL...get JORC'ed...quick!SYDNEY, April 29 (Reuters) -...

Come on FDL...get JORC'ed...quick!

SYDNEY, April 29 (Reuters) - Chinese Iron and Steel Group
(CISG) plans to lift its stake in Australian prospector Apollo
Minerals Ltd to 19.9 percent, Apollo said on Tuesday,
the latest Chinese move into Australia's resource sector.
Apollo shares rose 20 percent after the announcement of the
plan by CISG through its Hugo Natural Enterprises Ltd vehicle,
which would take the Chinese entity's stake to just short of the
20 percent threshhold requiring a full takeover offer under
Australian law.
The transaction would give Apollo, which is exploring for ore
in two Australian states and is capitalised at around A$13
million ($12 million), around A$10 million in cash to develop
mines, it said.
Apollo shares rose as much as 20.75 percent to A$0.32, and
stodd 17 percent higher at A$0.31 at 0228 GMT.
China's hunger for iron ore has led it into the embrace of
Australian projects.
Earlier on Tuesday, trading in the shares of prospector
Midwest Corp was halted pending an announcement that the
company said may impact on a proposed takeover by China's
Sinosteel Corp.
Sinosteel is offering A$954 million for the Midwest shares it
does not own in the first hostile bid by a Chinese firm in
Australia's mining sector.
China anticipates its construction boom will last decades and
require massive volumes of steel, prompting it to take a long
view of metals prices and to spend sooner rather than later on
securing steady supplies.
With mining giants such as BHP Billiton Ltd
and Rio Tinto Ltd vying for supremacy, and rival
bidders choked by a credit crisis and wary of sky-high prices,
some see this as China's best chance to buy assets.
Bankers say Chinese firms could do half a dozen deals in iron
ore, coal and energy within months.
Potential significant targets include Fortescue Metals Group
, which has a joint venture with China's Baosteel, and
Mount Gibson Iron , in play after another Chinese firm
was asked by regulators to release a 19.5 percent stake.
China's No.5 steelmaker, Anshan Iron & Steel Group, already
has a pact with Gindalbie Metals Ltd , while state-owned
Metallurgical Group Corp is buying a A$400 million project from
Cape Lambert Iron Plc .
Apollo is exploring over the Mt Oscar iron ore deposit in
Western Australia's Pilbara region. It also owns the Commonwealth
Hill Project in South Australia, which contains three prospective
zones for iron ore.
CISG has said it hopes to get the right to market iron ore
eventually mined from the Mount Oscar desposit.