Mineral Resources to acquire Atlas Iron

Monday, 09 April 2018 13:45:54 (GMT+3)   |   Istanbul

Mineral Resources Limited (MRL), a leading Australian based mining services and processing company, has announced that it has agreed to acquire all of the shares of Australian iron ore miner Atlas Iron Limited for a consideration of A$280.2 million. Completion of the transaction is anticipated to occur by August this year.

Chris Ellison, managing director of MRL, stated that MRL has the balance sheet capacity required to support the rapid development of the Atlas assets and added that the amalgamation of MRL’s existing Pilbara iron ore assets with those of Atlas will enable MRL to exploit greater synergies and economies of scale which will drive down costs to ensure the consolidated iron ore business is sustainable in the new environment of lower global prices for low grade iron ore.

Mr. Ellison went on to say that creating a sustainable iron ore operation enables the two companies to protect Western Australian jobs and ensures that their consolidated iron ore operation in the Pilbara continues to deliver a range of social and economic benefits to Western Australia.

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