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Canberra nods Chinese investment in uranium miner

(Xinhua)
Updated: 2009-10-26 21:46

CANBERRA: The Australian government approved on Monday a Chinese mining company to take stake in unlisted uranium explorer Raisama Ltd.

Raisama said in a statement on Monday that Australia's Foreign Investment Review Board had approved Hebei Mining taking a 14.9 percent stake in Perth-based Raisama.

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The Hebei provincial government is securing strategic interests in uranium exploration companies internationally that it believes have the best potential to meet the province's need for uranium, Raisama said.

Separately, Raisama plans to launch its initial public offer (IPO) within a fortnight.

The company hopes to raise A$12 million (US$11 million), with funds earmarked for exploration at projects in Western Australia and Kyrgyz Republic.

"The (Hebei) transaction was structured to strike the right balance between the attractiveness of new capital and avoiding excessive dilution of existing shareholders prior to our IPO," Raisama managing director David Berrie said.

Australian government last week approved Yanzhou Coal Mining Company Ltd's proposed A$3.54 billion (US$3.27 billion) acquisition of coal miner Felix Resources Ltd. The deal and the attached conditons by the government are yet endorsed by both companies' shareholders and Chinese regulators.