Usmanov buys into Australian miner to develop iron ore in Peru

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Published 28 July, 2008, 09:11

Russian metals billionaire Alisher Usmanov has agreed to buy a 27 percent stake in Australian mining firm Strike Resources.

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Gallagher holdings, Usmanov's investment company, will buy 37 million shares for AU$2.75 apiece. Approval will be sought from Strike shareholders and the Australian Foreign Investment Review Board before the purchase can be completed.

Strike will use the money raised to develop a 2.3 billion dollar iron ore project in Peru.

Last week, Russia's EVRAZ bought a stake in another Australian miner, Cape Lambert.

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Usmanov buys into Australian miner to develop iron ore in Peru

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