Russian steelmaker buys Australian iron ore prospect for A$554 million
Investors are pondering why Russian steel-maker Magnitogorsk Iron and Steel Works is buying Flinders Mines (ASX:FMS) for A$554 million. Flinder’s main asset is the Pilbara iron ore project, a 917.3Mt JORC-compliant resource located in Western Australia. MMK is Russia’s third largest steel company. This past year it had revenue of $7.7 billion and net income ...