re: Ann: Boulder Steel and ABS sign Framework... very nice to...

re: Ann: Boulder Steel and ABS sign Framework... very nice to read:

Atlas Iron to conclude Ridley sale in 2010

* CITY BEAT: Michael Bennet
* From: The Australian
* December 08, 2009 3:12PM



EMERGING iron ore miner Atlas Iron could sell its Ridley project in the Pilbara for between $150 million and $200m as it ponders partnerships and acquisitions in the new year.
The sale, being handled by Goldman Sachs JBWere, is expected in the first half of 2010, City Beat heard at an investor lunch in Sydney today, and could involve the entire project or a majority stake in the project.



The Perth-miner is also in talks with parties from China, South Korea and the Middle East for a similar partnership at its Pardoo project, also in the Pilbara, which was due to be announced this month.



Managing director David Flanagan is flying to China on Sunday and is expected to be able to update the market on Pardoo when he returns.
The news comes as the Federal Court yesterday formally approved the miner’s merger with Warwick Resources.
Atlas, which on Sunday shipped its millionth tonne of ore, is confident that the Pilbara’s haulage problems will be resolved, and it hopes to have Warwick’s undeveloped tenements, further east in the Pilbara, up and running within five years.
Disagreement over haulage in the Pilbara is at boiler point, as mining giants BHP Billiton and Rio Tinto insist they have no spare capacity on their railways for juniors.
Atlas has a saviour in Andrew “Twiggy” Forrest’s Fortescue Metals Group, with which it hopes to make an agreement for port and rail access that would be binding next year.
Atlas, which has $150m in cash and no debt, says its doors are always open for deals and it is looking at acquisitions next year.


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