ENRC dispute not to affect MMK’s bid for Flinders

Australia-based iron ore mining company Flinders Mines Limited (Flinders) has announced that the court orders freezing Australian assets of Russian steelmaker Magnitogorsk Iron and Steel Works OJSC (MMK) will not affect the Russian company's A$554 million takeover bid for Flinders.
 
The Australian Federal Court has frozen the Australian assets of MMK, including its stake in Australian miner Fortescue, upon the request of the UK-listed miner Eurasian Natural Resources Corp (ENRC). ENRC and MMK fell into dispute, when MMK cut its purchases from ENRC to 700,000 mt per month from the agreed 1 million mt of iron ore each month for the fourth quarter.