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Posco to acquire stake in Australian iron ore
19 July 2010: Posco plans to invest Won 194.7 billion ($162 million) to buy a 24.5 per cent stake in the Australian Premium Iron Ore project, as it seeks to raise resource self sufficiency.
Posco also raised its interim dividend by two-thirds to Won 2,500 a share after reporting its second-best quarterly results ever earlier this week. The company’s investment in the iron ore assets in Pilbara, Western Australia, would raise its ore self sufficiency to 34 per cent from 18 per cent and supply an estimated 9.8 million tonnes of iron ore from 2014.
The company is planning a record 10.4 trillion Won investment this year, including 1.5 trillion Won on purchasing mines, as it seeks to secure a stable supply of iron ore and coking coal.
Source: Business Standard