Natural Resources Newsletter - 18 June 2014

CHARLTONS-Baosteel-faces-competition-in-bid-for-Aquila-Resources    

BAOSTEEL FACES COMPETITION IN BID FOR AQUILA RESOURCES

Baosteel Resources Australia Ltd (Baosteel) has announced they will not improve their US$1.3 billion takeover bid for Australian explorer Aquila Resources Ltd (Aquila) after Australian miner Mineral Resources Ltd acquired 49 million additional shares in Aquila to take its stake to 12%. Baosteel and its Australian partner Aurizon Holdings Ltd have been seeking to acquire a 50% stake in Aquila’s stalled AUS$7 billion West Pilbara Iron Ore (WPIO) rail and port project and a coal mine in Queensland. The WPIO resource is estimated to be approximately 2 billion metric tons. The offer was made on 5 May 2014 and is set to close on 11 July 2014. (Source: www.mining.com11 June 2014 and The Australian 13 June 2014)

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