AV Birla Group's Essel Mining is in close talks to buy Flinders Mines of Australia, sources said. Flinders Mines is valued at around $300 million for it's inferred iron ore reserves of 750 million tonnes in the Pilbara Iron Ore Project.
The Group has been actively looking at mines in Australia, in the past the Birlas have eyed Whitehaven and Bandanna Coal assets. Essel Mining is a closely held company of the group and has huge iron ore reserves with presence in over 30 countries.
AV Birla Group declined to comment on the development
FMS Price at posting:
14.1¢ Sentiment: Buy Disclosure: Held
