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GFM, they would come from shares issued to Sinosteel under the shares for plant arrangement. There is still about $113m required for the $300m mineral Processing Plant to be spent, according to the company's half yearly report and quarterly figures. Sinosteel had agreed to 6.6m shares at $3.45, but these haven't been issued yet - maybe Sinosteel are baulking at selling the plant at less than half price - but if they take them at that price it still leaves $90m due to them for plant installation, which if the price rose back to $3.45 would be another 26m shares.

26m + 6.6m is 32.6m, to give combined Chinese holdings of over 50% without them having to buy anything on market.