The Jack Hills iron ore project in Western Australia is estimated to have a resource of over one billion tonnes of iron ore. This came in announcement by Murchison Metals, who have an equal stake in the project with the Japanese company, Mitsubishi.
The confirmation of the scale and high quality of the resource represents a significant boost for the proposed Stage 2 expansion of the Jack Hills Project to make it the premier large-scale, long-life iron ore producer in the mid-west region of Western Australia.
The Jack Hills Resource now stands at:
· 96 Mt @ 58.7% Fe Direct Ship Ore (DSO)
· 991 Mt @ 34.1% Fe Beneficiation Feed (BFO.
A comprehensive metallurgical bulk testing program by ProMet Engineers has demonstrated that the BFO will produce a high quality, high value iron concentrate using conventional crushing and grinding followed by wet low-intensity magnetic separation.
ProMet principal metallurgist Brian Povey said the metallurgical characteristics of the BFO mineralisation made the Jack Hills resource "one of the best magnetite orebodies currently under development in Australia."
Showing posts with label Murchison. Show all posts
Showing posts with label Murchison. Show all posts
Wednesday, February 4, 2009
Tuesday, July 8, 2008
Sinosteel On Brink Of Midwest Takeover
Sinosteel Corp is on the cusp of gaining control of Midwest Corporation after four of the company's directors decided to tend their own shareholding into the $1.36 billion takeover offer.
Midwest chairman Jesse Taylor and directors Francis Ng, Steven Chong and Stephen de Belle, have decided to accept the $6.38 cash per share bid offer for their collective 4.1 per cent holding in the company.
This will give Sinosteel, China's second largest iron ore trader, a 49.68 per cent holding in iron ore miner, Midwest.
The decision by Midwest directors to accept the Sinosteel takeover bid comes after the Chinese group upped its stake in the company to 45.58 per cent and Murchison Metals shelved a merger proposal with the iron ore miner.
Murchison terminated the merger proposal after failing to gain support from Sinosteel, Midwest's largest shareholder.
However, Murchison has vowed to stifle Sinosteel's takeover by not accepting the bid for its 10 per cent holding in Midwest, which effectively blocks a compulsory takeover of the company.
Sinosteel's takeover attempt could be further frustrated by Murchison's largest shareholder - Harbinger Capital Partners - which holds a 9.11 per cent stake in Midwest.
Midwest directors Dato David Law and Datuk Roger Tan, which hold about 13.1 per cent of the company between them, are yet to decide whether to accept the Sinosteel offer.
Murchison and Midwest operate modest iron ore mines in Western Australia's mid-west region and want to develop much larger operations, depending on the construction of supporting infrastructure.
Source: News.com.au
Midwest chairman Jesse Taylor and directors Francis Ng, Steven Chong and Stephen de Belle, have decided to accept the $6.38 cash per share bid offer for their collective 4.1 per cent holding in the company.
This will give Sinosteel, China's second largest iron ore trader, a 49.68 per cent holding in iron ore miner, Midwest.
The decision by Midwest directors to accept the Sinosteel takeover bid comes after the Chinese group upped its stake in the company to 45.58 per cent and Murchison Metals shelved a merger proposal with the iron ore miner.
Murchison terminated the merger proposal after failing to gain support from Sinosteel, Midwest's largest shareholder.
However, Murchison has vowed to stifle Sinosteel's takeover by not accepting the bid for its 10 per cent holding in Midwest, which effectively blocks a compulsory takeover of the company.
Sinosteel's takeover attempt could be further frustrated by Murchison's largest shareholder - Harbinger Capital Partners - which holds a 9.11 per cent stake in Midwest.
Midwest directors Dato David Law and Datuk Roger Tan, which hold about 13.1 per cent of the company between them, are yet to decide whether to accept the Sinosteel offer.
Murchison and Midwest operate modest iron ore mines in Western Australia's mid-west region and want to develop much larger operations, depending on the construction of supporting infrastructure.
Source: News.com.au
Monday, July 7, 2008
Murchison Aims To Block Midwest Takeover
Murchison Metals Ltd has vowed to stifle Sinosteel Corp's $A1.36 billion takeover bid for Midwest Corporation after the Chinese commodity trader refused to support a merger of the two iron ore companies.
Murchison on Monday terminated the planned merger with Midwest after failing to gain support from the iron ore company's major shareholder Sinosteel, China's second largest iron ore trader.
"We believe that there is potential for there to be greater value in remaining a shareholder of Midwest than accepting the Sinosteel offer," Murchison executive chairman Paul Kopejtka said in a statement.
The refusal by Murchison to accept the $6.38 cash per share bid for its 10 per cent stake will effectively block a compulsory takeover of Midwest.
Murchison and Midwest operate modest iron ore mines in Western Australia's mid-west region and want to develop much larger operations, depending on the construction of supporting infrastructure.
Sinosteel holds 45.58 per cent of Midwest, while Murchison's largest shareholder, Harbinger Capital Partners, has a 9.11 per cent stake.
Murchison proposed in May a reverse takeover for Midwest that was engineered to prevent Sinosteel, which at the time held 19.89 per cent of Midwest, from blocking the merger deal.
The reverse takeover was structured so that Midwest only required 50.1 per cent of votes cast in favour of the merger to approve the deal.
However, Sinosteel declared its takeover free of conditions and proceeded to raise its stake in Midwest.
Sinosteel launched a hostile bid for Midwest in March, valued originally at $1.2 billion, or $5.60 per share, after the two companies were unable to agree to terms on an earlier takeover proposal, also pitched at $5.60 a share, which Midwest said undervalued the company.
The Chinese trader, which has a 2.4 per cent stake in Murchison, sweetened the bid in April to $6.38 cash per share and declared the takeover offer unconditional last month.
Midwest shares closed unchanged at $6.38, while Murchison lost 10 cents to $2.90.
Source: The Melbourne Age
Murchison on Monday terminated the planned merger with Midwest after failing to gain support from the iron ore company's major shareholder Sinosteel, China's second largest iron ore trader.
"We believe that there is potential for there to be greater value in remaining a shareholder of Midwest than accepting the Sinosteel offer," Murchison executive chairman Paul Kopejtka said in a statement.
The refusal by Murchison to accept the $6.38 cash per share bid for its 10 per cent stake will effectively block a compulsory takeover of Midwest.
Murchison and Midwest operate modest iron ore mines in Western Australia's mid-west region and want to develop much larger operations, depending on the construction of supporting infrastructure.
Sinosteel holds 45.58 per cent of Midwest, while Murchison's largest shareholder, Harbinger Capital Partners, has a 9.11 per cent stake.
Murchison proposed in May a reverse takeover for Midwest that was engineered to prevent Sinosteel, which at the time held 19.89 per cent of Midwest, from blocking the merger deal.
The reverse takeover was structured so that Midwest only required 50.1 per cent of votes cast in favour of the merger to approve the deal.
However, Sinosteel declared its takeover free of conditions and proceeded to raise its stake in Midwest.
Sinosteel launched a hostile bid for Midwest in March, valued originally at $1.2 billion, or $5.60 per share, after the two companies were unable to agree to terms on an earlier takeover proposal, also pitched at $5.60 a share, which Midwest said undervalued the company.
The Chinese trader, which has a 2.4 per cent stake in Murchison, sweetened the bid in April to $6.38 cash per share and declared the takeover offer unconditional last month.
Midwest shares closed unchanged at $6.38, while Murchison lost 10 cents to $2.90.
Source: The Melbourne Age
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