“BHP Billiton is the logical owner and developer of the Railway deposit given the proximity to BHP Billiton's iron ore deposits, and established mine and rail infrastructure,” Mr Ashby said.
“This acquisition is consistent with our plan of capturing growth options to deliver long term shareholder value.
“We are pleased that we have been able to reach an agreement with the board of UMC to present what we believe to be a compelling cash offer to UMC shareholders.”
UMC's iron ore deposit has an indicated and inferred resource of 122.36 million tonnes.
See bhp not so bad after all, they are looking after their shareholders
UMC Price at posting:
$1.26 Sentiment: None Disclosure: Not Held
