28th July 2008 Gallagher invests $100million in Strike Resources Limited Gallagher Holdings Limited (“Gallagher”) today announces that it has agreed to invest up to $100 million in Strike Resources Limited (“Strike”), an Australian Stock Exchange (ASX) listed company. Strike is an Australian based mineral exploration and development company with a diversified asset portfolio including hematite and magnetite iron ore projects in Peru, hematite and mineral sands projects in Australia and thermal coal projects in Indonesia. This investment will principally be used for the development of the flagship 20 million tonne per annum (Mtpa) iron ore project in Peru, as well as accelerating the development of the 1-2 Mtpa Cuzco Lump project also in Peru. Commenting on the investment, Farhad Moshiri, Chairman of Gallagher, said: “Strike Resources has a great opportunity in Peru to develop a major iron ore mine and we are delighted to support the acceleration of that through our investment in a strategic stake. With our mining industry knowledge and expertise, along with the financial support, we are confident of the strong contribution we can make to Strike and its successful development for the future.”
SRK Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
