China’s Baosteel to buy stake in Canadian nickel explorer Noront

Platts reports that Baosteel Group Resources has agreed to invest at least $18.2 million for a 9.9% stake in Noront Resources (TSXV:NOT).

The market news is quoted as saying,

The investment will allow Baosteel to nominate a person to Noront’s board of directors and to increase its stake to 19.9% for one year starting April 18, 2012. The companies have agreed on a standstill provision that expires on April 18, 2013.

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