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.
Roy Hill Mining News
The offer from Australian billionaire Gina Rinehart's Hancock Prospecting values Atlas shares at 17% more than price reached at Friday close.
Iron ore miner says it has the ability to expand its production capacity beyond the 55 million tonnes it has targeted.
Higher commodity exports delivered a record trade surplus of $3.5 billion in December, the second monthly trade surplus Australia has recorded in nearly three years.
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.
Prices for the steel-making ingredient are down by 9.8% over a month ago and most of the massive projects expected to come on stream this year are not producing at full steam yet.
Citi analysts believe the steel-making ingredient will average $51 a tonne in the final quarter of 2016 and fall to $45 next year.
Iron ore’s resilience in recent months has defied many analysts’ forecasts, as Beijing’s stimulus plans, restocking by Chinese steel mills and historically low port stockpiles have supported prices.
With this jump, the commodity's gains are close to 9% for the week and almost 40% so far this year.
BHP Billiton began evacuating workers from its Port Hedland export facilities early Friday.
The bank says prices will remain under $40 a ton for the next three years as China’s slowdown forces the sector into a long period of hibernation.
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.
Construction of Roy Hill iron ore mine's 2,000-person village is complete.