Fortescue derails MinRes bid for Atlas

Original article by Paul Garvey
The Australian – Page: 19 & 22 : 8-Jun-18

Fortescue Metals Group has paid $A0.04 per share for a 15 per cent stake in Atlas Iron. The pure-play iron ore miner also has an economic interest in about 4.9 per cent of Atlas’s shares via a cash-settled swap, effectively giving it a stake of 19.9 per cent. CEO Elizabeth Gaines has also advised that Fortescue will not support the proposed scheme of arrangement between Atlas and suitor Mineral Resources at present, although it remains open to doing so. Atlas shares closed 12 per cent lower at $A0.028 on 7 June. Haoma Mining sold its iron ore rights at the Mt Webber Dalton deposit to Atlas in April 2012.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, ATLAS IRON LIMITED – ASX AGO, MINERAL RESOURCES LIMITED – ASX MIN, ARGONAUT SECURITIES PTY LTD, FOSTER STOCKBROKING PTY LTD, AWE LIMITED, MITSUI AND COMPANY LIMITED, HAOMA MINING NL

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