Mount Gibson Iron Limited

Published : September 26th, 2014

Australian miners showing interest in Cliff's assets -Bloomberg

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Australian miners showing interest in Cliff's assets -Bloomberg

Sept 26 (Reuters) - Miners, including Mineral Resources Ltd and Mount Gibson Iron Ltd, might be interested in the Australian assets of Cliffs Natural Resources Inc , Bloomberg said in a report on Friday.

The assets could fetch as much as AUD$1 billion (US$876 million), Bloomberg reported, citing people with knowledge of the matter.

Cliffs had been locked in a proxy battle with New York-based hedge fund Casablanca Capital, which owns 5.2 percent of the U.S. iron ore and coal producer's stock, and accused the company of destroying shareholder value.

Casablanca eventually won the proxy battle when its slate of directors were elected to the company's board in July. Cliffs named Lourenco Goncalves as chief executive in August.

Goncalves, who was the preferred CEO candidate of Casablanca, has said in a statement that he intended to refocus Cliffs "on a new strategic path" that builds on its strengths.

In an interview with Reuters in February, Goncalves said he would focus on supplying iron ore to steel makers in the United States, not selling into the competitive global iron ore market, if he became Cliffs CEO.

Analysts said Goncalves could pursue the sale of three of the company's four operating segments: its Asia-Pacific iron ore business, its eastern Canadian iron ore operations and its North American coal unit.

Jefferies Group LLC is advising Cliffs on the possible sale of Australian assets, while Deutsche Bank AG is working on the divestment of U.S. coal operations, Bloomberg said.

Cliffs was not immediately available for comment.

(Reporting by Krishna Chaithanya. Editing by Andre Grenon)

Read the rest of the article at finance.yahoo.com

Mount Gibson Iron Limited

CODE : MGX.AX
ISIN : AU000000MGX7
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Mount Gibson Iron is a iron exploration company based in Australia.

Mount Gibson Iron is listed in Australia, in Germany and in United States of America. Its market capitalisation is AU$ 449.6 millions as of today (US$ 296.9 millions, € 277.2 millions).

Its stock quote reached its highest recent level on November 05, 2010 at AU$ 1.81, and its lowest recent point on December 18, 2015 at AU$ 0.16.

Mount Gibson Iron has 1 096 560 000 shares outstanding.

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Project news of Mount Gibson Iron Limited
9/26/2014Australian miners showing interest in Cliff's assets -Bloomb...
Corporate news of Mount Gibson Iron Limited
6/15/2016Mount Gibson agrees A$86m insurance settlement
1/19/2016December Quarter Activities Report
8/19/2015Annual Financial Results
8/19/2015Financial Results Presentation
8/17/2015Iron Hill Mineral Resource
8/17/2015Shine Mineral Resource Update
8/17/2015Mineral Resources and Ore Reserves at 30 June 2015
7/15/2015June Quarter 2015 Activities Report
4/23/2015March Quarterly Activities Report
2/16/2015Interim financial results December Half 2014
2/16/2015Increase in FY2015 ore sales guidance
12/10/2014Listing Rule 5.21 clarification 2014 Annual Report
12/5/2014Announcements and Notices - VOLUNTARY ANNOUNCEMENT
12/4/2014Koolan Island Update
11/28/2014Koolan Island Update
11/12/2014Chairman’s Address – Annual General Meeting
11/12/2014CEO Presentation – Annual General Meeting
11/9/2014Koolan Island Update and Revision of Sales Guidance
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