Evraz buys into Australian Iron ore producer

Russian steelmaker Evraz has bought a 16% stake in Australian iron-ore company Cape Lambert.

Cape Lambert has confirmed its arrangement with the Evraz Group – the steelmaker partly owned by Russian billionaire Roman Abramovich. But it hasn’t not mentioned the cost of the transaction.
The stake was previously valued at almost 400 million dollars. Evraz says it is not yet ready to comment on the deal.