AZR aztec resources limited

media release

  1. 236 Posts.
    News
    Release 14
    August
    2003
    Aztec placement introduces
    potential iron ore buyer as investor

    Aztec Resources Limited today completed a placement to institutional and other large
    individual investors to raise $1.795m for the next phase in its development of the Koolan Island
    iron ore resource.

    The placement introduces CITIC Australia Pty Ltd, the Australian arm of a major Chinese state-
    owned investment and trading group as a significant investor alongside existing institutional
    shareholder, Societe Generale.

    "We are pleased to now have two strategic shareholders. The presence of CITIC Australia as a
    shareholder demonstrates its intention to work with us to assist in development of the Koolan
    Island Iron Ore Project and marketing its iron ore into China," Aztec's chairman, Ian Burston,
    said., adding: "CITIC Australia's association with Aztec and the Koolan Iron Ore Project will
    assist in establishing the company's credibility as it emerges as an iron ore producer. "

    CITIC Australia subscribed for 7,500,000 shares in the placement plus attaching options, giving
    it a 2.7% interest in Aztec, subject to FIRB approval.

    About CITIC: CITIC Australia Pty Ltd is a wholly-owned subsidiary of China International
    Trust and Investment Corporation (CITIC), one of China's largest state-owned enterprises. At
    31 December 2002, CITIC had assets in excess of US$60 billion and revenues of US$4.4 billion.
    CITIC `s activities encompass financial businesses (including commercial banks), industrial
    investments (including those in the energy and raw materials sectors) and international trade. It is headquartered in Beijing, the People's Republic of China.

 
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