Atlas Iron’s directors have unanimously recommended shareholders accept Hancock Prospecting subsidiary Redstone Corporation’s $390 million takeover offer in a company target statement.
The Australian Securities and Investments Commission (ASIC) has granted Atlas Iron relief regarding the deadline of its target statement in response to a $390 million takeover offer from Gina Rinehart-owned Hancock Prospecting.
The Takeovers Panel will not take action following an application from a Fortescue Metals Group subsidiary to conduct proceedings into the takeover of Atlas Iron.
Atlas Iron’s board has unanimously recommended shareholders accept Hancock Prospecting’s $390 million offer for the company in the absence of a superior offer.
Atlas Iron has reinforced its position as a potential developer of export facilities at Port Hedland, saying it has no exclusive rights at the major Western Australian iron ore port in this regard.
Fortescue Metals Group has raised concerns about “misleading statements” in Hancock Prospecting’s bidder’s statement for its proposed $390 million acquisition of Atlas Iron.
Pilbara Minerals has produced first concentrate at the Pilgangoora lithium-tantalum project in Western Australia.
Mineral Resources is out of the takeover tussle for junior miner Atlas Iron after it decided not to make a counter offer to the $390 million bid by a Hancock Prospecting subsidiary.
Atlas Iron has received a $390 million off-market takeover bid from Redstone Corporation, a subsidiary of Gina Rinehart’s Hancock Prospecting.
The first shipment of direct shipping ore (DSO) from Pilbara Minerals’ Pilgangoora lithium-tantalum project in Western Australia has left Port Hedland bound for China.
Western Australian transport minister Rita Saffioti says Atlas Iron does not have a priority right to a potentially lucrative berth development at Port Hedland.
Gina Rinehart’s company Hancock Prospecting has acquired an “aggregate beneficial and economic interest” in 19.96 per cent of Atlas Iron shares, slightly trumping Fortescue Metal Group’s recent 19.9 per cent bid announced last week.
Fortescue Metals Group (FMG) is to acquire a 15 per cent stake in Atlas Iron, in a blow to Mineral Resources’ $280 million takeover bid for the company.
Lithium developer Pilbara Minerals is on track to deliver first spodumene concentrate from the processing plant at the Pilgangoora project in Western Australia next month.
Atlas Iron chairman Eugene Davis has released a statement to shareholders regarding the proposed $280 million scheme of arrangement announced last week with Mineral Resources.
Mineral Resources (MinRes) has secured a deal to acquire iron ore company Atlas Iron through a scheme of arrangement that values the target at around $280 million.
Atlas Iron has made a lithium deal with Pilbara Minerals as part of the iron major’s diversification strategy.
BGC Contracting is to expand the presence of NPJV in the Pilbara by delivering the company’s contract mining and development workers to Atlas Iron’s Mt Webber mine.
Iron ore prices exploded overnight, increasing by more than 5 per cent. In the largest one-day gain for the commodity in more than four months, iron ore finished trading at $US59.70 a tonne – or 5.2 per cent higher.
Atlas Iron is halting development of its $53 million Corunna Downs project in the Pilbara region due to the recent fall in iron ore prices.