Russian steelmaker buys Australian iron ore prospect for A$554 million
Investors are wondering why Russian steel-maker Magnitogorsk Iron and Steel Works is buying Flinders Mines (ASX:FMS) for A$554 million.
Flinder's main asset is the Pilbara iron ore project, a 917.3Mt JORC-compliant resource located in Western Australia.
MMK is Russia's third largest steel company. Last year it had revenue of $7.7 billion and net income of $254 million.