Mineral Resources has dropped out of the takeover tussle for junior miner Atlas Iron. The company says it won’t make a counter proposal to that made by Gina Rinehart’s Redstone Corporation, a subsidiary of her company, Hancock Prospecting. Her all-cash $390 million offer for 100% of Atlas Iron is the […]
Junior miner Atlas Iron has given takeover suitor Mineral Resources three days to better a cash offer by billionaire mining magnate Gina Rinehart. Redstone Corporation, a wholly‐owned subsidiary of Rinehart’s Hancock Prospecting, yesterday made an all cash $390 million offer for 100% of Atlas Iron. This is a premium of […]
Redstone Corp., a subsidiary of Gina Rinehart’s Hancock Prospecting, has lobbed an all-cash offer for 100% of the shares in Atlas Iron. Atlas Iron’s iron ore assets have recently become the subject of a strategic bidding war. When shares in Atlas came out of a trading halt this afternoon, they […]
Access to potential new capacity at Port Hedland’s port facility was seen as a key reason behind recent interest by big miners in Atlas Iron. However, the junior miner has received notice from the Western Australian Government indicating this access may not be as guaranteed as previously thought. The news […]
Two Australian mining billionaires have now both taken strategic stakes in junior miner Atlas Iron. Overnight, it emerged that Gina Rinehart, via Redstone Corporation, a subsidiary of her Hancock Prospecting company, had quietly taken a 19.96% holding in Atlas. Last week Andrew Twiggy Forrest’s pure play iron ore miner Fortescue […]
Billionaire Andrew Forrest’s pure play iron ore miner Fortescue Metals has acquired a 19.9% stake in Atlas Iron, enough to block Mineral Resources’s takeover. Fortescue announced it had agreed to acquire 15% of Atlas Iron at $0.04 a share, bringing its aggregate interest in the junior iron ore miner to […]
Atlas Iron is under an all scrip offer a 3.02 cents a share, a premium of 59%. The buyer is Mineral Resources Limited, a Perth-based company with a diversified portfolio including significant lithium resources. Atlas’s Pilbara iron ore assets will be consolidated with that of Mineral Resources, lower per tonne […]
Atlas Iron, which was an an early victim of falling iron ore prices, has gone into a trading halt with reports of an impending takeover offer. The company says it is preparing an announcement regarding “media speculation”. Mineral Resources, with a significant lithium business, is reported to be in talks […]
Atlas Iron, which 18 months ago was preparing to shut down as iron ore price sunk, plans to be debt free later this year as strong commodity prices flow through to its bottom line. In a quarterly report, the iron ore miner says its cash on hand was $134 million, […]
Shares in junior iron ore miner Atlas are soaring after a rating upgrade by Moody’s. A short time ago, they were up more than 14% to $0.016. Moody’s Investors Service upgraded Atlas Iron’s corporate family rating to Caa3 from Ca on the back of the company’s recent debt restructure. The […]
Multinational miner Glencore has become a substantial shareholder in troubled junior Australian resources company Atlas Iron. Glencore told the ASX it has purchased 8.47% of the iron ore miner. The stake would have cost about $15.8 million at $0.021 per share, the latest price. Switzerland-based Glencore, the world’s largest exporter […]
Miner Atlas Iron, an early victim of falling iron ore prices, says there’s a high risk of going into voluntary administration if a debt restructure isn’t approved by shareholders. The debt-to-equity proposal would cut what Atlas owes to lenders to $US135 million ($176 million) from $US267 million ($348 million) and […]
Struggling iron ore producer Atlas Iron’s earnings have picked up. The company posted underlying EBITDA (earnings before interest, taxes, depreciation and amortisation) for the six months to December of $20.5 million compared to a $14.8 million loss in the previous corresponding period. A short time ago, Atlas shares were trading […]
Atlas Iron, cutting costs as hard as it can to try to catch falling iron ore prices, is still having trouble getting its operations to be cash positive even after turning some of its contractor payments into profit sharing. In its latest quarterly report, the junior miner says it cut […]
A phoenix rises.
And shipments are up.
The cost per tonne is getting lower.