Fortescue to buy Red Hawk Mining to tap Western Australia ore

Fortescue Ltd. plans to buy Red Hawk Mining Ltd. to gain access to an undeveloped iron ore mine near its major Solomon project in Western Australia.
The offer price of as much as A$1.20 cash per share implies a fully diluted equity value for Red Hawk of A$254 million ($160 million), the world’s fourth-largest iron ore miner said Tuesday. Red Hawk closed at A$0.82 on Friday.
“Red Hawk is the owner of the Blacksmith iron ore project, which is an undeveloped iron ore project located 30 kilometers (19 miles) west of Fortescue’s Solomon operations in the Western Hub,” the company said.
The project has a mineral resource estimate of 243 million tons of iron ore. The move reinforces Fortescue’s growth strategy in the steelmaking ingredient even as demand softens.
(By Paul-Alain Hunt)
More News
Hedge funds boost bullish copper wagers to highest since October
Hedge funds and other large speculators increased net-long positions by 26%.
February 14, 2025 | 03:58 pm
Vale to raise Carajas iron ore output with $12 billion investment
Carajas, in Brazil's Para state, is Vale's largest iron ore production complex.
February 14, 2025 | 01:49 pm
Trump says he would not mind if Nippon Steel took minority stake in US Steel
Nippon's $14.9 billion pursuit of US Steel has stretched on for more than a year.
February 14, 2025 | 01:17 pm
Barrick weighs US relocation, says CEO Bristow
Moving to the US could secure Barrick a spot in the S&P 500 index, as reported by The Globe and Mail.
February 14, 2025 | 10:46 am
{{ commodity.name }}
{{ post.title }}
{{ post.excerpt }}
{{ post.date }}
Comments