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Sichuan Taifeng to Increase Stake in IMX Resources

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.

Joel Scanlon

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Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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