Mineral Resources Limited (MRL)
Mineral Resources Limited (MRL)
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The US’ largest and oldest independent iron ore mining company Cleveland-Cliffs is exiting the Australian iron ore business, selling substantially all its loss-making Asia Pacific iron ore assets to Australian miner/services company Mineral Resources for an undisclosed price, albeit reducing the costs of closing its Aussie operations by about $US65M-$75M.
Hexagon Resources has received commitments for a more than 40% over-subscribed, $A7M share placement and welcomed its flagship McIntosh flake graphite project J/V partner Mineral Resources (MinRes) into the fold with what MBM understands to be a 3.6% stake in the company.
Mineral Resources has followed a 51% earn-in on the advanced McIntosh flake graphite project in WA with a 3.6% stake in current 100% project owner Hexagon Resources. Mark Mentiplay reports
(MERGERS & ACQUISITIONS) A peculiarly Western Australian affair: Fortescue Metals raid on Atlas Iron brings an unexpected response from the iron ore junior's favoured suitor, Mineral Resources.
Western Australia miner/mining services company Mineral Resources has agreed to allow its take-over target, junior Pilbara iron ore miner Atlas Iron, to hold talks with other potential buyers following iron ore major Fortescue Metals’ surprise acquisition of a 19.9% stake in Atlas for $A55.7M.
Big Western Australia iron ore miner Fortescue Metals has bought a just under takeover level 19.9% stake in junior WA iron ore miner Atlas Iron and says it won’t support Mineral Resources’ current mutually agreed all-scrip $A300M bid for Atlas on the current terms, but reserves the right to do so.
Iron ore major Fortescue Metals has stepped into the $300M Mineral Res bid for Atlas Iron, taking a 19.9% stake in the loss making junior WA iron ore miner. By Mark Mentiplay
Mineral Resources and technology developer Hazer Group say they are on track to commission a pilot plant that will produce 1tpa of high-quality graphite suitable for applications including lithium ion batteries in the Sept qtr.
The plant at Kwinana in Western Australia and all commercial development costs are being funded by MRL in return for the use of Hazer's low-emission process to produce hydrogen and graphite from natural gas and similar feedstocks.
It's expected to lead to work starting by end-2018 on a 1,000tpa commercial-scale facilty.
West Australian miner-technology company Neometals has secured a Kalgoorlie site for a planned initial 10,000tpa lithium hydroxide refinery to process concentrate from the Mt Marion mine 70km away.
The 2-year option agreement with Kalgoorlie council to sub-lease 40ha in a new industrial estate enables Neometals to undertake due diligence and FEED studies.
Mining services provider Mineral Resources is looking to sell a minority stake in its Wodgina lithium mine in Western Australia and expects to announce a buyer in H2 18, Reuters reports.
The company says it’s seeking partners to take up to 49% of the project in WA’s northern Pilbara region, after receiving a number of unsolicited approaches from parties interested in a stake or in offtake agreements.