Base on this morning AFR, she is holding 56% now. Gina...

Base on this morning AFR, she is holding 56% now.






Gina Rinehart's Hancock Prospecting has turned up the heat on Andrew Forrest after gaining effective control of Atlas Iron.

Australia's richest woman tightened her grip on Atlas in what has been a bitter battle with Mr Forrest over the loss-making iron ore junior.

Hancock subsidiary Redstone increased its stake in Atlas to 56 per cent by late on Friday and extended its $390 million unconditional takeover offer to August 17.


Mr Forrest's Fortescue Metals Group is yet to declare its intentions in regard to its 19.9 per cent stake in Atlas.


Fortescue grabbed the stake after an initial takeover offer from Chris Ellison's Mineral Resources that was later trumped by the all-cash Redstone offer at 4.2 cents a share.

a little over a week after Fortescue refused to rule out a rival offer.


Mr Korte re-iterated Hancock's intention to begin a strategic review of the Atlas business following completion of the offer.

The review will include Atlas berth space and shipping capacity at Port Hedland. The West Australian government has said it is willing to talk to any new owner of Atlas about the future of berth space currently set aside for junior miners.