Exxaro bids A$123m for Australian miner to boost iron-ore profile

Mining Weekly reports that South African diversified miner Exxaro (PINK:EXXAY) aims to produce ten-million tons a year of iron-ore over the next five to ten years.

The market news is quoted as saying,

The company announced a A$123-million takeover offer for Australia’s Territory Resources. Territory is the owner and operator of the Frances Creek mine, in the Northern Territory of Australia, which produces between 1,6-million tons and 1,8-million tons a year of direct shipping ore. The company also owns rights to iron-ore tenements in the vicinity of Frances Creek.

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