{"id":783740,"date":"2018-06-20T10:57:45","date_gmt":"2018-06-20T10:57:45","guid":{"rendered":"http:\/\/juniorminingnews.com\/?p=783740"},"modified":"2018-06-20T10:57:45","modified_gmt":"2018-06-20T10:57:45","slug":"australias-mineral-resources-drops-out-of-race-for-atlas-iron-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=783740","title":{"rendered":"Australia’s Mineral Resources drops out of race for Atlas Iron"},"content":{"rendered":"

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

Mining infrastructure supplier Mineral Resources (ASX: MIN) has bowed to Australia’s richest woman, Gina Rinehart, in the battle for junior iron ore miner Atlas Iron (ASX: AGO), by saying Wednesday<\/a> it would not make an offer to counter her A$390 million ($288 million) cash bid<\/a>.<\/p>\n

Fortescue Metals still has a 19.9%-stake in Atlas and has not yet disclosed whether it plans to launch a rival bid or sell its holding into Hancock’s offer.<\/q><\/p>\n

Mineral Resources’ withdrawal means Atlas’ board is likely to recommend Rinehart’s Hancock Prospecting offer in the absence of a superior proposal. It also means all eyes are now on Fortescue Metals Group (ASX: FMG), which still has a 19.9%-stake in the junior miner and has not yet disclosed whether it plans to launch a rival bid or sell its holding into Hancock’s.<\/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’ operations are in the iron ore-rich Pilbara region of Western Australia, where it also has undeveloped tenements that could be brought into production with a larger partner.<\/p>\n

The junior miner also has land with potential highly sought after port access, which major miners would welcome as they expand output in coming years.<\/p>\n

Atlas Iron was one of the first victims of a collapse in iron ore prices<\/a> three years ago, which forced the company to mothball its mines<\/a> as it was costing it more to dig up the ore than what buyers were paying for it at the time.<\/p>\n

The post Australia’s Mineral Resources drops out of race for Atlas Iron<\/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 Mining infrastructure supplier Mineral Resources (ASX: MIN) has bowed to Australia’s richest woman, Gina Rinehart, in the battle for junior iron ore miner Atlas Iron (ASX: AGO), by saying Wednesday it would not make an offer to counter her A$390 million ($288 million) cash bid. Fortescue Metals still has a 19.9%-stake in […]<\/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\/783740"}],"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=783740"}],"version-history":[{"count":0,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/783740\/revisions"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=783740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=783740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=783740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}