Billionaire Rinehart Builds Rails as Iron Ore Plunges:
Rinehart would also benefit from partnering with Aurizon and Atlas Iron Ltd. (AGO), which is studying the fourth railroad, according to a Macquarie Bank Ltd. report last year. Iron ore producer Atlas had held talks with Hancock for an infrastructure accord, the Australian newspaper reported last June, citing Atlas Chairman David Flanagan.
“There are ongoing talks with current and potential future infrastructure providers,” Paul Armstrong, an outside spokesman for Perth-based Atlas, said by phone, declining to specify whether the talks included Hancock.
The Roy Hill project is being assessed by institutions against the long-term price of iron ore, Fitzgerald said in March. BHP Billiton forecasts that steel demand in China will keep rising until at least 2025.
Full story: http://www.bloomberg.com/news/2013-06-04/billionaire-rinehart-builds-rails-as-iron-ore-plunges-freight.html
AGO Price at posting:
85.5¢ Sentiment: Hold Disclosure: Held
