Looks like Hancock are in the coking coal business Hancock...

Looks like Hancock are in the coking coal business

Hancock Corporation Pty Ltd (Hancock), a wholly‐owned subsidiary of Hancock Prospecting Pty Ltd, refers to its all‐cash unconditional offer to acquire all of the ordinary shares in Riversdale Resources Limited (Riversdale) in which Hancock does not already have a relevant interest (Offer). Hancock’s interest moves above 85%, triggering Offer Price increase Hancock advises that it has achieved an interest in more than 85% of Riversdale Shares on a fully diluted basis, following further acceptances received from remaining Riversdale Shareholders, including RCF. As a result, the Offer Price has been increased to $2.70 per Riversdale Share. The increased Offer Price will now be payable1 to all Riversdale Shareholders who accept the Offer (including those who have already accepted into the Offer to date). Hancock Chair, Mrs Gina Rinehart stated “I am delighted to be able to confirm that Hancock has achieved an interest in more than 85% of Riversdale. For a long time, Hancock has wanted to find a good metallurgical coal opportunity to complement our iron ore projects – both commodities being critical for steelmaking. Grassy Mountain is a good strategic fit for Hancock that adds to our existing iron ore interests in Hope Downs, Roy Hill and Atlas Iron. We look forward to working with Riversdale’s staff and other stakeholders to deliver this exciting project.” Garry Korte, Hancock’s CEO added “We are very pleased to have been able to achieve control, and look forward to working with Riversdale’s employees, the Canadian Federal and Alberta governments, First Nations and the local community to progress this outstanding project.”