Essel Mining Drops Bid For Northern Iron

Mining Weekly reported Northern Iron (ASX:NFE) said its suitor Essel Mining has abandoned its takeover plans.

As quoted in the market news:

In July this year, the Indian group increased its offer for Northern Iron from an initial offer of between A$1.28 and A$1.35 a share to A$1.40 a share, and had undertaken a Stage 2 due diligence on Northern Iron.

However, at the start of this month, Essel Mining advised Northern Iron that it was not in a position to submit a Stage 2 proposal at this time, citing the continued variability in production at Northern Iron’s Sydvaranger project, in Norway, and the resultant impact on costs as its reason for failing to make an offer.

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