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.