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Russian steelmaker buys Australian iron ore prospect for A$554 million

Michael Allan McCrae | November 25, 2011 | 3:50 pm Australia Europe Iron Ore 

Investors are wondering why Russian steel-maker Magnitogorsk Iron and Steel Works is buying Flinders Mines (ASX:FMS) for A$554 million. Flinder's main asset is the Pilbara iron ore project, a 917.3Mt JORC-compliant resource located in Western Australia. MMK is Russia's third...

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