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China's Haoning taking Australian iron ore stake

Wed May 7, 2008 3:40am EDT

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SYDNEY, May 7 (Reuters) - Chinese iron ore trader Haoning Group has agreed to take a nearly 9.55 percent stake in Australian iron ore prospector Jupiter Mines Ltd (JMS.AX) via a share placement, Jupiter said on Wednesday.

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Haoning, already in talks to take an interest in another Australian miner, Brockman Resources Ltd (BRM.AX), will pay A$3.7 million ($3.5 million), or A$0.25 a share, for 14.8 million Jupiter shares.

Haoning, among a handful of Chinese industrial firms seeking to secure long-term supplies of raw materials, is pursuing a toehold in Australia's iron ore prospecting sector.

Jupiter has been actively searching for a partner to help shoulder the cost of developing its Mt Mason iron ore mine in far western Australia.

Brockman plans to begin iron ore production of 10 million tonnes a year in 2009 from its Marillana mine. ($1=A$1.05) (Reporting by James Regan)

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