India Iron-Ore Producer Makes Bid for Australian Iron Ore Mine
March 13th, 2010 | File Under : Iron Ore - Steel
NMDC Ltd., India’s biggest iron-ore producer, has teamed up with ABS Consulting of Saudi Arabia and Boulder Steel Ltd. to make a $230 million bid for a stake in an Australian iron-ore project owned by Atlas Iron Ltd.
A non-binding offer has been pitched to Atlas Iron for a 70 percent stake, which may be the Ridley project in Western Australia, the Economic Times reported, citing a person it did not name.
Atlas Iron, an Australian ore producer, said in January it expects to sell a stake in the A$3 billion ($2.7 billion) Ridley project by the end of the first half after lining up buyers from China, India, South Korea and Japan. The company wants to sell 70 percent, Chief Executive Officer David Flanagan said Jan. 7.
NMDC will spend $70 million for a 10 percent stake, and receive an additional 5 percent for providing technical expertise, the Economic Times said, adding that a Chinese firm may submit a rival offer.
Flanagan was not immediately available for comment after a call to the company’s office outside of business hours.
Source : businessweek.com
Find More Other News : Australian iron-ore - iron ore producer - iron ore project