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Sichuan Taifeng to Increase Stake in IMX Resources

By Joel ScanlonJul 12 2010

Sichuan Taifeng has received approval to increase its stake in IMX Resources (ASX:IXR). The Chinese company will also invest in a South Australian iron ore, copper and gold mine. The Foreign Investment Review Board has approved the acquisition of up to 19.9% by Sichuan Taifend of Australian based IMX.

$49 million will be invested by Sichuan Taifend in IMX Resources subsidiary Outback Iron once the Australian Department of Defence signs the amended access deed. Outback Iron is developing the Cairn Hill operations, south-east of Coober Pedy, South Australia.

Duncan McBain saw the approval of the Foreign Investment Review Board as encouraging. The managing director of IMX Resources also hoped that the final agreement would soon be in place. The investment will help the Cairn Hill project reach its full potential.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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