Atlas Pushes Shareholders Towards Hancock Bid

The battle for Atlas Iron appears to be coming to a close — the company is recommending shareholders accept Hancock’s takeover bid “in absence of a superior proposal.”

As the battle for Atlas Iron (ASX:AGO) winds down, the company at the center of it all is advising its shareholders to accept a takeover offer from Hancock Prospecting subsidiary Redstone.

The fight for Atlas originally started with Mineral Resources (ASX:MIN), which began the process of taking over the company in April. While the deal was set to close in August, both Hancock and Fortescue Metals Group (ASX:FMG) jumped into the buyout ring earlier this month, with the major miners grabbing 19.96- and 19.9-percent shares in Atlas, respectively.

In a multimillion-dollar smackdown, Redstone put a AU$390-million takeover bid on Atlas earlier this month, causing Mineral Resources to bow out of the bidding war.

Rival bidder Fortescue tried to block Redstone’s purchase through its subsidiary, NCZ Investments, by appealing to the Australian Takeovers Panel with claims that Redstone’s bidder’s statement had “misleading statements and material omissions.” NCZ’s appeal also called on Redstone to submit a replacement bidder’s statement that would provide “corrective disclosure.”

Now, through a statement on its website, Atlas is urging its shareholders to accept the 4.2-cents-per-share offer from Hancock “in absence of a superior proposal.” Following the statement, Atlas also published a replacement bidder’s statement from Redstone on its website. The offer from the newer statement remains the same as the original, and is set to open July 2.

This comes just a day after Atlas responded to a release from Fortescue in which the company publicly questioned Atlas’ priority status at Port Hedland. Atlas holds a stake in North West Infrastructure (NWI), a joint venture with plans to develop two new berths at the Western Australian port. The plans would expand the port’s capacity from 13 million tonnes per year to 50 million.

NWI is considered the primary reason for the Atlas bidding war, though Atlas has had an uphill battle with government officials. They have told the company the berths are reserved for junior miners.

As of 12:37 p.m. EST on Friday (June 29), Atlas was at AU$0.043. It’s up 38.71 percent in the last month.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.

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Adelaide, Australia (ABN Newswire) – Resolution Minerals Ltd (ASX:RML) (FRA:NC3) is pleased to announce that it has completed the Company’s first drilling program on the Sunrise Gold Prospect at the 64North Project in Alaska. Drilling was conducted along an existing access road, targeting outcropping granite hosted mineralisation, analogous in style to Kinross’s Fort Knox Gold Mine, which is one of Alaska’s most profitable mines. The Sunrise Prospect was identified in 2020 by a RML trenching program and is located less than 5km from Northern Star’s operating Pogo Gold Mine.

Summary

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The asset, which ceased mining activity on November 3, 2020, had been in operation since 1983. In that time, 865 million carats of rough diamonds were produced.

The unique geological chemistry of the Western Australia location birthed the rarest hues, including champagne, cognac, blue, violet and of course, the coveted Argyle pink and red diamonds. Millions of carats of white diamonds were produced at the prolific property as well.

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Argyle Diamond Mine Closure: The End of a Sparkling Era

Pink and red diamonds are among the most special gems on earth. The value of these highly sought-after natural stones speaks for itself, but their rarity has arguably increased since the closure of Rio Tinto’s (ASX:RIO,LSE:RIO,NYSE:RIO) Argyle mine.

The asset, which ceased mining activity on November 3, 2020, had been in operation since 1983. In that time, 865 million carats of rough diamonds were produced.

The unique geological chemistry of the Western Australia location birthed the rarest hues, including champagne, cognac, blue, violet and of course, the coveted Argyle pink and red diamonds. Millions of carats of white diamonds were produced at the prolific property as well.

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Highlights:

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Mineral sand monazite is an abundant REE-rich feedstock, that can be accessed as a by-product from global mineral-sand mines that target zirconium and titanium, without the need for additional mining. Medallion’s business model is centered on the Medallion Monazite Process , a transferable and scalable technology designed to accept multiple mineral-sand monazite feedstocks and extract high-value REEs with high efficiency, high recovery and zero liquid waste.

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