Australian miner Hancock Prospecting, owned by Gina Reinhart, Australia's richest woman, has made a bid for junior iron ore miner Atlas Iron, valuing the firm at AUD390m ($288m). "The Hancock Group iron ore interests produce iron ore products that are priced off the 62 per cent index. The unconditional cash offer was made through Redstone, a subsidiary of Hancock Prospecting, and follows a recent share purchase that took its stake in Atlas to almost 20% days after rival firm Fortescue did the same. Hancock's bid also comes after an offer of AUD280m from Mineral Resources in April. In other deals on Monday, Rio Tinto announced it had agreed to buy out the remaining shares held by BHP Billiton in the mining company Pilbara Resources, which is controlled by billionaire Clive Palmer's family.
Australian miner Hancock Prospecting, owned by Gina Reinhart, Australia's richest woman, has made a bid for junior iron ore miner Atlas Iron, valuing the firm at AUD390m ($288m). The unconditional cash offer was made through Redstone, a subsidiary of Hancock Prospecting, and follows a recent share purchase that took its stake in Atlas to almost 20% days after rival firm Fortescue did the same. Hancock's bid also comes after an offer of AUD280m from Mineral Resources in April. In other deals on Monday, Rio Tinto announced it had agreed to buy out the remaining shares held by BHP Billiton in the mining company Pilbara Resources, which is controlled by billionaire Clive Palmer's family.