Usmanov buys into Australian miner to develop iron ore in Peru

Russian metals billionaire Alisher Usmanov has agreed to buy a 27 percent stake in Australian mining firm Strike Resources.

Gallagher holdings, Usmanov's investment company, will buy 37 million shares for AU$2.75 apiece.  Approval will be sought from Strike shareholders and the Australian Foreign Investment Review Board before the purchase can be completed.

Strike will use the money raised to develop a 2.3 billion dollar iron ore project in Peru.

Last week, Russia's EVRAZ bought a stake in another Australian miner, Cape Lambert.