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28 Jul, 2008 05:11

Usmanov buys into Australian miner to develop iron ore in Peru

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.