MELBOURNE, Australia (AP) - Miners Grange Resources Ltd. and Australian Bulk Minerals have agreed to a 718 million Australian dollar (US$603 million) merger to capitalize on rising global demand for iron ore, the companies said Thursday.
The all-scrip merger will combine the 2.3 million metric ton 2.3 (2.5 million U.S. ton) per year Savage River magnetite mining and pellet operation in Tasmania state which is owned by Australian Bulk Minerals, also known as ABM, with Grange's Southdown magnetite project in Western Australia state.