To secure the raw material supply and strengthen its place in the raw material markets, South Korean Posco is now planning to buy 19.99 percent stake of Australian Sandfire Resources with estimated A$7.2 million to take up 30 percent of its mineral production.

The deal is subject to Australian government approval. With the injected fund, Sandfire will accelerate the exploration of its manganese, lead-zinc-silver, iron ore and gold projects in Australia, as well as explore further Australia and overseas.