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CHINA’S largest steel pipe manufacturer, Xinxing Iron Pipes, is set to take a “significant equity stake” in Cape Lambert Iron Ore, as part of a memorandum of understanding (MoU) for the Chinese company’s agreement to take a maximum of five million tonnes of iron ore.
Xinxing has signed the non-binding MoU and with it, confirmed its intention to take an equity stake of up to 57 million shares or 19.9% of the issued capital dependent on which of the two is higher.
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