Magnitogorsk Considers Buying Into Flinders Mines - Report
22 Novembre 2011 - 12:04PM
Dow Jones News
Russian steelmaker OAO Magnitogorsk Iron & Steel Works
(MAGN.RS) is considering buying into Australian iron ore miner
Flinders Mines Ltd. (FMS.AU), Interfax reports Tuesday citing a
company statement.
No relevant statements or disclosure notes were to be found on
the company's website or its London Stock Exchange page at 1024
GMT. A Magnitogorsk spokesman declined to comment.
Magnitogorsk's board considered the purchase at a meeting
Nov.18, Interfax said. It wasn't clear what stake in Flinders Mines
Magnitogorsk considered buying.
Flinders' main focus is on the development of its Pilbara
project, a large iron ore mine in Western Australia, according to
the company's website. Mining is planned to commence in 2014, with
an annual production rate of 15 million metric tons from
start-up.
-By Nadia Popova, Dow Jones Newswires; +7 495 232-9198;
nadia.popova@dowjones.com
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