Xstrata PLC (XTA.LN) has well over the 50.1% acceptance from shareholders of west African iron ore miner Sphere Minerals (SPH.AU) needed to take control of the company, according to a person close to the deal.

The Anglo-Swiss miner had received acceptances amounting to nearly 44% for its A$513.6 million, A$3-a-share offer by close of business in Sydney, and was also expecting to receive Genesis Capital LLC's 7.98% stake into the acceptance facility after an announcement earlier in the day, the person said.

"The company is confident of getting well over 50%," the person said.

The move completes a near-three month battle for Sphere, which is focused on projects in Mauritania that it believes are capable of producing 65 million tons a year of magnetite iron ore. An initial A$2.50 a share bid announced Aug. 24 received lackluster takeup from Sphere shareholders and was upped to A$3 last week after Singapore-based commodities trader Sin-Tang Development, backed by a consortium of Chinese steelmakers, launched a rival proposal to finance Sphere's main Askaf iron ore project through a A$111 million, A$3.25 a share capital raising and project finance.

That bid received approval from Australia's Foreign Investment Review Board Wednesday to raise Sin-Tang's stake to just under 20% of Sphere, but the permission would be insufficient to reach the 30% required by Sin-Tang's plan.

The battle between one of the world's largest listed miners and Chinese steelmakers has exemplified the fight between traditional mining companies and Chinese consumers for the world's few remaining attractive iron ore assets, which are mainly found in western and central Africa.

Vale SA, Rio Tinto and BHP Billiton together account for around two-thirds of seaborne supply of iron ore from their mines in northeastern Brazil and Australia's Pilbara region. China accounts for roughly the same proportion of demand for seaborne iron ore.

-By David Fickling, Dow Jones Newswires; +61 2 8272 4689; david.fickling@dowjones.com
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