Western Mining agrees to buy 10 per-cent stake in Australia's FerrAus

Western Mining Co, a leading miner of nonferrous metal in China, agreed to buy a 10% stake in Australian minerals explorer FerrAus Ltd, sources said.

The Chinese company is expected to buy up to 15.9 million shares of Adelaide-based FerrAus at US$1.7 per share, according to the statement filed by FerrAus to the Australian Stock Exchange on Monday.