China's Baosteel, Australia's Aurizon to bid A$1.4B for Aquila Resources

Chinese steel company Baosteel says it is teaming with Aurizon Holdings (QRNNF), Australia's largest rail freight hauler, on a joint bid for Aquila Resources (AQARF), which is developing a giant iron ore mine in Western Australia’s mineral-rich Pilbara region.

The bid values Aquila at A$1.4B (US$1.3B); Baosteel has invested in Aquila since 2009 and holds a 20% in the company.

Aquila owns 50% of the $7B-plus West Pilbara iron ore project, which is expected to produce 30M tons of ore for export annually once it opens.

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