Iron ore price hits five-week low as traders fret about Chinese demand
Iron ore has slumped 29% this year, hurt by the prolonged slowdown of China’s economy.
Oct 15 (Reuters) – Australian Atlas Iron on Monday named Sanjiv Manchanda as chief executive in a board overhaul, replacing Cliff Lawrenson amid an acquisition by billionaire Gina Rinehart’s Hancock Prospecting.
Manchanda has earlier served as Head of Project Development for Hancock Prospecting.
Atlas also appointed Spiro Pappas as its Chairman.
The changes in the board come as Hancock Prospecting’s unit Redstone Corporation is in the process of acquiring the junior miner, having secured more than 90 per cent of Atlas shares. Atlas had endorsed a A$390 million ($277.29 million) buyout from Hancock in June. ($1 = 1.4065 Australian dollars)
(By Aditya Soni; Editing by Sandra Maler)
