Rio Tinto and Mitsui have launched a $75 million bid for billionaire prospector Mark Creasy’s Pilbara iron ore deposits, cementing their partnership in the resource-rich region following the Japanese group’s $8.4 billion stake in Rio’s Rhodes Ridge project.
The all-cash offer for CZR’s Robe Mesa project, which has been accepted by the miner’s board, trumps an earlier bid by Fenix Resources, an iron ore junior headed by former rugby international John Welborn.
Mark Wembridge covers resource companies for The Australian Financial Review, based in Perth. He formerly worked for the Financial Times in London and Hong Kong. Connect with Mark on Twitter. Email Mark at mark.wembridge@nine.com.au
