SHANGHAI , January 15 , SinoCast -- Asia Iron Australia Pty Ltd is to complete a management reshuffle this week. In order to continue project construction, the company has engaged Forge to supervise AUD 3 billion design and research of Extension Hill magnetite project. Forge staff replaced most of functions of original team. Chongqing Iron and Steel took over the Extension Hill mine at 2011 end and announced construction of a giant magnetite mine project. Entire ores from the mine will be shipped to the Chongqing steelmaker so as to guarantee raw material supply. Data show that all shareholders of Asia Iron Australia are Chinese investors. Chongqing Iron and Steel is the biggest controlling shareholder by a holding of 60%, and most of the rest private shareholders are raw material traders and resources investors.
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