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Atlas Iron to snap up leftover FerrAus takeover shares


Atlas Iron will compulsorily acquire the leftover FerrAus shares in its takeover offer for the Pilbara iron ore developer.

The offer closed on Wednesday afternoon with Atlas gaining a 97.73% holding of FerrAus.

Under the Corporations Act (2001) the company is then able to obtain all remaining shares.

Atlas Iron currently trucks its ore to Port Hedland and is hopeful that combining its resources with FerrAus the company will have a better chance of obtaining a rail solution.

Atlas' Managing Director, David Flanagan, says there's plenty of challenges for iron ore juniors to get access to rail in the Pilbara.

"We will not be able to export more the 15 million tonnes per annum without a rail haulage deal," he said.

"We think we will get that rail haulage all sorted out but, of course, it's not without its challenges."