(Bloomberg)–Fortescue Ltd methods to getRed Hawk Mining Ltd to entry to a primitive iron ore mine close to its important Solomon job in Western Australia.
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The deal price of so long as A$ 1.20 cash per share signifies a completely weakened fairness price for Red Hawk of A$ 254 million ($ 160 million), the globe’s fourth-largest iron ore miner statedTuesday Red Hawk shut at A$ 0.82 on Friday.
“Red Hawk is the owner of the Blacksmith Iron Ore Project, which is an undeveloped iron ore project located 30 kilometers (19 miles) west of Fortescue’s Solomon operations in the Western Hub,” the enterprise acknowledged.
The job has a mineral supply quote of 243 million plenty of iron ore. The step enhances Fortescue’s improvement method within the steelmaking energetic ingredient additionally as want softens.
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