Gindalbie’s future hangs in the balance as Ansteel considers options

January 11, 2016

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Chinese major Ansteel was reportedly reviewing its investment in the Karara iron-ore project, in Western Australia, a move which could belly-up partner Gindalbie Metals.

ASX-listed Gindalbie on Tuesday pointed to a memorandum circulated by the CEO of the joint venture (JV) company Karara Mining, which noted that Ansteel was unable to continue to provide funding support to the JV, owing to the downturn in the iron-ore price.