Indian JSPL acquires 9.25% share in Australian Apollo Minerals
Indian steelmaker Jindal Steel & Power Ltd (JSPL) acquired 9.25% shares in Australian Apollo Minerals, aiming to join the development of Commonwealth Hill iron ore project in Southern Australia.
JSPL said that it will pay AUD1 billion for the 9.25% share in Apollo Minerals.
Dominic Tisdell, the Chief Operating Officer of Apollo Minerals expected that JSPL’s investment will help to accelerate the development of Commonwealth Hill iron ore project.
Meanwhile, Apollo Minerals is also currently developing the Mount Oscar iron ore project in Western Australia.