Batavia Mining seeks shareholder nod for Jiangyin Huaxi Steel deal
Batavia Mining (ASX: BTV) will seek approval from shareholders for a
subscription agreement with Jiangyin Huaxi Steel, a leading Chinese
steel group, for the issue of the shares and options to raise $4.8
million before issue costs.
The company has also signed an agreement with Jiangyin Huaxi Steel for potential off-take arrangements for 1 million tonnes per annum for a period of five years from the Roper River Iron Ore Project.
Jiangyin Huaxi Steel is a subsidiary of Jiangsu Huaxi Group, which was established in 2002 and is the largest township enterprise in China comprising 57 subsidiary companies.
In 2009, revenue of the Jiangsu Huaxi Group was approximately AUD$7.5 billion.
Located approximately 100km north-west of Shanghai, Jiangyin Huaxi Steel currently employs approximately 3,400 personnel and has a product portfolio covering billets, wire, flat and stainless steel.
Jiangyin Huaxi Steel recorded revenue of AUD$1.4 billion in 2009 and earnings before interest and tax of AUD$109 million which is forecast to increase to AUD$147 million in 2010 with revenue of AUD$1,639 million.
Batavia has recently completed a separate placement of 20,000,000 and 10,000,000 Listed Options to raise $4,800,000 before costs.
Following completion of the placement to Jiangyin Huaxi Steel, Batavia will have approximately 153 million ordinary shares and 99.83 million options on issue.
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