The stock surged over 15% in early trade, closing at A$2.40, or 10.6% up, after reports of Chinese-linked companies seeking permission to invest in the iron ore producer.
Perhaps the most important aspect of today’s agreements is the fact that both aim to form long-term strategic partnerships to collaborate on further ventures, opening new markets for all the firms involved.
Analysts believe Cowal mine may be worth at least $400 million, and that Barrick would likely get as much as $1.1 billion from the sale of both, the New South Wales' mine and Papua New Guinea’s Porgera.
The planned cuts, about 21% of Murray’s workforce, will come largely at mines in Ohio and West Virginia, a state hit hard by recent coal mine closures and layoffs.