{"id":778821,"date":"2018-06-18T15:56:11","date_gmt":"2018-06-18T15:56:11","guid":{"rendered":"http:\/\/juniorminingnews.com\/?p=778821"},"modified":"2018-06-18T15:56:11","modified_gmt":"2018-06-18T15:56:11","slug":"iron-ore-magnate-rinehart-offers-290-million-in-cash-for-atlas-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=778821","title":{"rendered":"Iron ore magnate Rinehart offers $290 million in cash for Atlas"},"content":{"rendered":"

By Cecilia Jamasmie<\/a><\/span> <\/p>\n

Australia’s wealthiest woman and mining tycoon, Gina Rinehart, became Monday the third party interested in buying Atlas Iron this year after offering A$390 million<\/a> ($290 million) in cash for the junior miner.<\/p>\n

The bid, made by Redstone Corporation Pty Ltd, a wholly\u2010owned subsidiary of Rinehart’s Hancock Prospecting, comes only a week after news emerged that Redstone had accumulated a 19.96% shareholding in Atlas.<\/p>\n

Trading of the junior miner shares was momentarily suspended before the announcement, climbing more than 23% after the halt to close at 4.4 Australian cents.<\/p>\n

Gina Rinehart’s Hancock Prospecting all-cash offer values Atlas at 4.2 cents per share, a 17% premium to its price of 3.6 cents on Friday at close.<\/q><\/p>\n

The all-cash offer values Atlas at 4.2 cents per share, a 17% premium to its price of 3.6 cents before the halt.<\/p>\n

Atlas iron ore assets have recently become the subject of a strategic bidding war. World’s No. 4 iron ore mine Fortescue Metals Group revealed in early June it had a 19.9% stake in Atlas, which was enough to block an earlier A$280.2 million bid takeover bid by Mineral Resources.<\/p>\n

Rinehart’s represents a premium of around 41% from Mineral Resources’ offer, which was an all-scrip bid made in April. The company said Monday it was considering its position<\/a> after learning about Redstone’s bid.<\/p>\n

The acquisition would give Hancock, which owns the Roy Hill iron ore mine, a chance to use Atlas’ output for blending and to potentially extend the life of the company’s existing mines.<\/p>\n

Atlas holds a joint venture interest in North West Infrastructure (NWI), located on the southwest side of Port Hedland’s inner harbour, and wants to develop two new port berths there.<\/p>\n

Currently NWI’s export capacity stands at 13 million tonnes a year, but the planned expansion would take its capacity up to 50 million tonnes annually.<\/p>\n

Gina Rinehart is considered the 45th<\/sup> most powerful woman in the world<\/a> and figures in the list of top 100 mining billionaires published by Forbes<\/em> magazine. Her wealth is currently estimated at $18 billion.<\/p>\n

The post Iron ore magnate Rinehart offers $290 million in cash for Atlas<\/a> appeared first on MINING.com<\/a>.<\/p>\n

…read more<\/a> <\/p>\n

From:: Infomine<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Cecilia Jamasmie Australia’s wealthiest woman and mining tycoon, Gina Rinehart, became Monday the third party interested in buying Atlas Iron this year after offering A$390 million ($290 million) in cash for the junior miner. The bid, made by Redstone Corporation Pty Ltd, a wholly\u2010owned subsidiary of Rinehart’s Hancock Prospecting, comes only a week after […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[360],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/778821"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=778821"}],"version-history":[{"count":0,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/778821\/revisions"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=778821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=778821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=778821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}