more news, page-4

Interesting announcement out today by CFE. Very vague. They're applying once again to get FIRB approval. Application to be determined by May 28. With this backdrop of attention, this decision could well be the hay maker.


http://www.egoli.com.au/egoli/egoliStoryPage.asp?PageID={BC395E6E-B2DB-44CC-A1A3-6782CB4986FA}&Section=NewsViews

Chinese steel group take near 20% stake in Apollo
29/04/2008 By: Daniel Bragg

Chinese steel group take near 20% stake in ApolloChinese Iron and Steel Group (CISG) is planning to up its stake in Apollo Minerals Limited (AON) to 19.9%, subject to shareholder and regulatory approval. Apollo said it expected to have cash in excess of $10 million following the transaction.

In a statement to the market, Apollo said it was notified in writing that CISG, through Hugo Natural Enterprises Limited, intended to increase its stake from 12% to 19.9%.

The Perth-based company said it was exploring two iron ore projects, one in Western Australian and one in South Australia, and was looking for other opportunities in the iron ore sector while iron ore prices remain strong.

“This written confirmation of Hugo’s intention to increase its stake in Apollo confirms the strong Chinese interest in Apollo’s Mt Oscar iron ore project and its SA Iron Ore Project,” Apollo said.

“Once this transaction is completed Apollo currently expects its cash position to be in excess of $10 million which will assist the company’s aim of becoming a significant Australian iron ore company.”

The company’s iron ore focus had coincided with record prices and a strong outlook for the material, Apollo said.

“Recent price agreements between Japanese and Korean steel makers and Vale have concluded a 75% iron ore price increase,” it said.

“The outlook for iron ore prices and demand from Asia appears strong which currently bodes well for the development of Apollo’s iron ore projects which are located close to rail, roads and port facilities and infrastructure.”