Xstrata (XSRAF.PK) buys Australia's Sphere Minerals for $381M, gaining access to magnetite iron...

|About: Xstrata Plc (XSRAF)|By:, SA News Editor

Xstrata (XSRAF.PK) buys Australia's Sphere Minerals for $381M, gaining access to magnetite iron ore deposits in Mauritania. The purchase reflects the coveted status iron ore has achieved as the fast-growing economies of China and India clamor for the key steel making commodity.