China Oceanwide ups stake in Australia’s CuDeco

Date: 25 Dec 2014

CuDeco Ltd, a leading Australian copper producer, said on December 23 that its largest shareholder, China Oceanwide's investment arm, plans to inject AU$30m into the company to take its holdings to 19.9%.

The transaction requires approval from Australia’s Foreign Investment Review Board.

CuDeco also said that it has placed AU$6.15m worth of additional shares with a Hong Kong fund operated by Haitong Securities.

CuDeco owns the Rocklands copper mine in Cloncurry, Queensland, which is one of the largest of its kind in Australia. The exploration of the mine is drawing to an end, and the project is expected to produce 3m tons of ore annually when operational.

Parties:China Oceanwide Holdings Group, CuDeco Ltd.

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