Evraz exercised the option to buy a 16% stake in Cape Lambert on Wednesday. The steelmaker bought a 3% stake in the Australian company in June.
Evraz has also agreed to buy a controlling stake in Delong Holdings Ltd. Singapore's producer and trader of hot-rolled steel coils holds an option to buy about 12% of Cape Lambert.
Cape Lambert has also proposed that Evraz buy a controlling stake in the company to prevent China Metallurgical Group from purchasing its iron ore project, Australia's Financial Review said on Friday.
Reserves under the Cape Lambert project amount to 1.56 billion metric tons of magnetite.
In 2007, Evraz Group's profit calculated to International Financial Reporting Standards (IFRS) reached $12.8 billion, its net profit stood at $2.144 billion and EBITDA amounted to $4.25 billion.
