Australia Market Wrap
A summary of all the major stories on the Australian Stock Exchange
Tuesday, November 18, 2008
Steelmaker POSCO ups Murchison Metals stake
Korean steelmaker POSCO has increased its stake in iron ore miner Murchison Metals (ASX:MMX).
POSCO is Murchison Metal's second largest shareholder and has increased its stake to 12.26 per cent, up from 9.7 per cent. The company, which also is a Murchison Metals customer, acquired 10.567 million shares on-market at an average price of 75 cents per share.
"We are always pleased when one of our investors, especially one as big as POSCO, adds to their shareholding," Murchison Metals executive chairman Paul Kopejtka said in a statement.
Murchison Metals operates the Jack Hills iron ore mine 380km north-east of Geraldton in Western Australia.
MMX was last trading at 63.5 cents.
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