Neighbour, as Blacksmith’s ‘logical’ owner, could finally drive development after 20 years
The fate of Fortescue's circa A$240 million takeover of its direct shipping ore neighbour, Red Hawk Mining, will likely be decided over the weekend, according to Red Hawk managing director Steven Michael.Shareholders controlling around 75% need to accept by Tuesday to increase the cash bid from $1.05 to $1.20 per share, which means Red Hawk's two major shareholders, Todd Corporation and OCJ Investments must cast their dice soon.The pair has already agreed to sell a combined 19.
"They were the most logical partner as the owner of a wash plant and rail just 30km away," he said.Steven Michael | Credits: Red HawkRed Hawk had hoped to gain access to the port at Utah Point and truck up to 5Mtpa some 450km for export, but it had also examined transhipping options of its own at Anketell that could allow a doubling of production albeit at a higher cost.A 2024 prefeasibility study using an iron ore price of US$115/t indicated a net present value of A$1.
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