Fortescue Metals Group, led by Andrew Forrest, has entered into a friendly takeover deal for Red Hawk Mining, a Pilbara-based iron ore hopeful. The A$240 million bid offers Red Hawk shareholders a premium of 29% to 48%, depending on Fortescue's ownership stake. The acquisition grants Fortescue control of Red Hawk's high-grade Blacksmith project and access to the larger, lower-grade Pilbara Iron Ore Project.
Andrew Forrest's Fortescue has made a friendly cash bid for Red Hawk Mining, a Pilbara iron ore hopeful. Fortescue , known for its cautious approach to acquisitions, is offering up to A$240 million for Red Hawk , which had a market capitalization of $164 million last week. The offer price of $1.05 per share represents a 29% premium to Red Hawk 's trading price over the past month. If Fortescue secures 75% ownership by February 4, the offer will increase to $1.20 per share, a 48% premium.
Red Hawk's shares surged to $1.20 this morning following the announcement. The company's register is dominated by two shareholders: New Zealand's Todd Corporation (60.71%) and Singapore's OCJ Investments (21.2%). Fortescue has secured call options for 19.99% of Red Hawk shares from these shareholders if they decide not to accept the offer or if a competing bid emerges.Red Hawk's board has recommended the bid, stating that it represents a significant and attractive premium to the company's market value and eliminates the risks associated with developing a greenfield iron ore project. The offer is seen as a strategic move for Fortescue, as it gains access to Red Hawk's high-grade Blacksmith project, a 243 million tonne at 59.3% direct shipping ore (DSO) project located 30km west of Fortescue's Solomon operations. The Blacksmith project is considered the largest DSO project in the Pilbara not owned by one of the major players. Fortescue will also acquire the legacy data and resources for the larger, lower-grade 45Mtpa Pilbara Iron Ore Project (PIOP), which previously required its own rail network and port
FORTESCUE MINING ACQUISITION IRON ORE RED HAWK BLACKSMITH PILBARA AUSTRALIA
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silver Elephant Mining's Pulacayo MPC Cancelled Due to Alleged Illegal MiningSilver Elephant Mining's Pulacayo mining production contract (MPC) has been cancelled by Bolivia's state mining company Comibol due to alleged illegal mining activities. The company denies any wrongdoing and plans to appeal the cancellation. This development does not affect Silver Elephant's Apuradita mining concession.
Read more »
Zijin Mining Acquires Controlling Stake in Zangge MiningZijin Mining announced its acquisition of a controlling stake in Zangge Mining, a fellow Chinese company, for approximately US$1.9 billion. This deal will see Zijin acquire 24.82% of Zangge Mining's shares, making it the largest and controlling shareholder. Zangge is known as China's second-largest potassium producer and a significant player in lithium brine production. The acquisition is expected to bring synergies, particularly in their shared brine assets in Tibet, further strengthening Zijin's position in the lithium market. The deal, valued at RMB13.73 billion (RMB35 per share), represents an 18.6% premium to Zangge's last closing price and a 26.4% premium to the 20-day average. Zijin plans to consolidate Zangge, and the acquisition does not require shareholder approval.
Read more »
Red Mist Descends: Lewis-Skelly Sees Red in Arsenal's Wolves BattleMyles Lewis-Skelly's red card in Arsenal's Premier League match against Wolves sparks controversy. VAR review deems his challenge on Matt Doherty as serious foul play, leaving Arsenal with 10 men. The decision, heavily criticized by fans and pundits, raises questions about the consistency of officiating in the Premier League.
Read more »
Fortescue posts record half-year for shipments amid ongoing price concernsAndrew Forrest-Chaired Fortescue shipped 49.4 million tonnes of iron ore over the December quarter, driving its highest half-year of shipments in the history of the business. Total iron ore shipments for the first half of fiscal 2025 topped 97.1Mt. December period hematite C1 costs were down 10% quarter-on-quarter to A$18.24 per wet metric tonne.
Read more »
Fortescue Ships Record Half-Year Iron Ore, Iron Bridge Production ContinuesFortescue Metals Group, led by Andrew Forrest, achieved a record half-year shipment of 97.1 million tonnes of iron ore, driven by strong performance from its flagship operations. The company also provided updates on the Iron Bridge magnetite project, highlighting its ongoing development and contributions to overall production.
Read more »
Severely Injured Hawk Found in Massachusetts, Authorities Investigate Animal AbuseA red-tailed hawk with its wings and tail brutally cut was discovered in Paxton, Massachusetts, prompting a police investigation into animal abuse. The injured bird was found unable to fly and is currently receiving care at Raptor Tails Rescue.
Read more »