The company's withdrawal means all eyes are now on Fortescue, which still has a 19.9%-stake in Atlas and has not yet disclosed whether it plans to launch a rival bid or sell its holding into Hancock’s offer.
Gina Rinehart Mining News
The offer from Australian billionaire Gina Rinehart's Hancock Prospecting values Atlas shares at 17% more than price reached at Friday close.
Sirius Minerals’ York mine is expected to be one of the world’s largest in terms of the amount of resources extracted, generating an initial 10 million tonnes of polyhalite per year.
The move comes about 17 months after her children — John Hancock and Bianca Rinehart — won control of the family fund.
BHP Billiton began evacuating workers from its Port Hedland export facilities early Friday.
Roy Hill iron ore mine will soon start exporting the steelmaking material, just as prices hit a fresh seven-year low.
The transition to production comes at a challenging time for the company, as prices for iron ore have fallen 70% since mine construction began in 2011.
The mining giant will have to pay her more than $200 million in royalties and court fees.
She lost control of the family trust, which holds almost 25% of iron ore miner Hancock Prospecting.
The situation, industry officials said Friday, can’t continue for much longer.
The country's richest woman has decided to back a junior miners' joint venture in Victoria.
The collapse in global iron-ore prices isn’t chasing Gina Rinehart away from the red soil of Western Australia that made her a billionaire.
Billionaire iron ore tycoon Gina Rinehart loses fight to keep secret court proceedings in family dispute over ownership of Roy Hill and Hope Downs iron ore mines.
In new federal suit, estranged children seeks greater share of Gina Rinehart's most prized assets – Hope Downs and $10 billion Roy Hill iron ore mines.
The state government submitted an application to the federal government for 3mn m³ of dredging material to be disposed on land.
The decision is considered a key political victory for Prime Minister Tony Abbott.
When Australia's richest person launched the ambitious $10 billion, 55m tonnes a year project iron ore was trading at more than $130 a tonne.
And that's only during the construction phase.
Baosteel chairman Dai Zhihao threatened to dump the company's 19.8% stake and said it would not extend the offer past the July deadline.
Mineral Resources, which also operates small iron ore mines, now owns a 12% stake in Aquila.
Spending committed by mining and energy companies to start or expand projects fell 14.6% to US$212bn at the end of April from $248bn a year earlier. That is a $36 billion drop.
The announcement was part of the Federal Budget unveiled Tuesday night, considered the toughest in almost two decades.
Adani Group's mine, designed to eventually produce 60 million tonnes of thermal coal a year, has been the focus of ongoing opposition.
The UN body is especially worried about Australia's decision to allow dredging and dumping of 3 million tonnes of dredge spoil in reef waters, as part of a coal port expansion.
After 18 months of negotiations the firm has pulled off a seemingly unachievable total of $10 billion.