Singapore (Platts) --21 Jan, 2011
Australia's Fortescue Metals Group said Friday it expects to load the first train of iron ore by the end of January from its joint venture with BC Iron, the target of a complete takeover by a Hong Kong mining company. "Fortescue looks forward to loading the first ore train using iron ore from its joint venture with BC Iron shortly," said Cameron Morse of FD, a public relations firm engaged by Fortescue.
BC Iron's board of directors on Friday recommended shareholders to accept a bid by Hong Kong-listed Regent Pacific Group to buy the remaining shares of BC Iron it does not own for A$3.30($3.26)/share, valuing it at A$345 million. Regent now holds 19.9% of the company. BC Iron's 50:50 joint venture with Fortescue, the Nullagine project in Australia's Pilbara region, will use the latter's infrastructure at Christmas Creek to rail its ore to Port Hedland for export. Mining started in November 2010 and the first shipment will take place in the first quarter of 2011, it said. BC Iron plans to export 1 million mt by June, when it expects to mine at a rate of 3 million mt/year. Sourced:Platts.com
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