China's Baosteel Still Keen On Stake In Fortescue - Report...

China's Baosteel Still Keen On Stake In Fortescue - Report

MELBOURNE (Dow Jones)--China's state-owned Baosteel is believed to be interested
in acquiring a significant stake in West Australian iron ore developer Fortescue Metals
Group Ltd. (FMG.AU), The Australian Financial Review reported Thursday.
Citing an unnamed China-based source, the newspaper said advanced negotiations with
Baosteel over the sale of a 16.5% strategic stake in Fortescue ended earlier this year,
but a the source says Baosteel is still keen to acquire the stake, which is held by U.S.
fund Harbinger.
Baosteel has signed up for 20 million tons of iron ore from Fortescue's Pilbara
project, which is due to start production next month, it said.

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Good news....Twiggy will be cashed up, more capital for consolidation of tenements, T/O of FDL down track...FDL's rights re diamonds on FMG's tenements. The Pilbara grab is on....