Fortescue bid for Atlas rests on port rights

Original article by Michael Roddan
The Australian – Page: 20 : 28-Jun-18

The status of Atlas Iron’s right to develop new berths at Port Hedland is likely to determine whether Fortescue Metals Group makes a takeover bid. The pure-play iron ore miner has asked Atlas to clarify its priority rights to develop the South West Creek berths. The Western Australian Government recently gave indications that Atlas no longer holds these rights, and that junior miners should have priority access to the berths. This would exclude both Fortescue and Hancock Prospecting from using the berths.

CORPORATES
ATLAS IRON LIMITED – ASX AGO, FORTESCUE METALS GROUP LIMITED – ASX FMG, HANCOCK PROSPECTING PTY LTD, MINERAL RESOURCES LIMITED – ASX MIN, WESTERN AUSTRALIA. DEPT OF TRANSPORT

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