WISCO Minerals re-acquire CLM shares

September 29 MetalBiz--Wuhan Iron and Steel Group Minerals Co. (WISCO Minerals), the largest wholly owned subsidiary of Wuhan Iron and Steel Co. (WISCO), announced on September 25, it has completed its acquisition of 6.533mln shares of Canada Iron Ore Company Limited Joint Thompson (CLM). It is the second time that WISCO Minerals has acquired shares from CLM.

WISCO Minerals invested CAD$28.748mln for about 20% of CLM's additional shares, valuing CAD$144mln. CLM will spend some money on assets of Wabush Minerals Co., located near the Bloom Lake mine area that has been found by WISCO Minerals and CLM jointly.

WISCO Minerals became the largest shareholders of CLM after the purchase of 19.9% share of CLM on July 20. Together with the merger of this time, WISCO Minerals occupies 45.2mln shares of CLM with the suspended earnings of 578mln yuan.

Wuhan Iron and Steel Co. (WISCO), the parent company of Wugang, located in Hubei province, ranked in the third place in China with an annual production capacity of 20mln tons.