Iron ore majors ramp up supply even as China faces challenges
Iron ore is one of the year’s worst performing major commodities, slumping by almost a quarter as China’s property crisis drags on.
Silver Lake Resources Ltd made a revised offer on Thursday to buy St Barbara Ltd’s Leonara assets in Western Australia for A$707 million ($479.56 million), allowing the latter to secure a 7.5% stake in the gold miner.
St Barbara said earlier this month it would continue to back a bid of A$600 million from Genesis Minerals Ltd for Leonara assets.
($1 = 1.4743 Australian dollars)
(By Archishma Iyer; Editing by Sherry Jacob-Phillips)
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