Business
Ellison stake in API wakes iron ore’s ‘sleeping giant’ – The Australian Financial Review
A crucial domino has fallen in efforts to revive Australia’s biggest dormant iron ore project, with Rich Lister Chris Ellison buying into the project.
Under the fine detail of the transaction, the Mineral Resources subsidiary has bought Aurizons 15 per cent stake in Aquila Resources, which was an ASX listed company until Aurizon partnered with Chinas biggest steelmaker, Baowu, in 2014 to complete a $1.42 billion takeover and privatisation.
Aquila holds a 50 per cent stake in API, meaning Mineral Resources now effectively owns 7.5 per cent of API, while Baowu still owns 42.5 per cent.
US company AMCI and South Koreas Posco both own about 25 per…
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