Posted in | Iron Ore

Australian Iron Ore Co. Brockman Resources Receives Chinese Takeover Offer

Brockman Resources, an up and coming Australian iron ore producer, has received a takeover bid offer from its main shareholder, Wah Nam International Ltd. The Hong Kong based company currently owns 23% of Brockman Resources through a subsidiary. The Pilbara miner has been valued at $929.6 million by the Chinese company.

Wah Nam International Ltd has also launched a takeover bid for FerrAus which is also hoping to operate in the Pilbara region. The Chinese mining resources company owns 19.6% of FerrAus as well. It has offered six Wah Nam shares for one of each FerrAus share.

Brockman Resources has currently asked shareholders to take no action pending advisors UBS and Freehills review. Wah Nam has offered 30 shares in Wah Nam for each share in Brockman Resources.

Wah Nam International currently operates a copper mine in China and hopes to add Brockman Resources’ Marillana iron ore project and FerrAus’ exploration assets to its portfolio. The company statement made on November 3 said that it was considering buying several mining assets. It may even seek to build a new railway line in the Pilbara.

Joel Scanlon

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Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, content production, design, animation, database and networking, software, and editing. Joel has been with AZoNetwork since its inception in 2000.

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