Magnitogorsk Challenges Fortescue Stake Freeze
01 Diciembre 2011 - 10:31AM
Noticias Dow Jones
Russian steelmaker Magnitogorsk Iron & Steel Works (MAGN.RS)
said Thursday it has filed a legal challenge against a freezing
order on its stake in iron ore miner Fortescue Metals Group Ltd.
(FMG.AU).
The stake--valued at 857.6 million Australian dollars ($877.1
million)--was frozen as part of a dispute with miner Eurasian
Natural Resources Corp. PLC (ENRC.LN) by Australia's Federal Court
in Sydney Nov. 25, according to court documents released Thursday.
Magnitogorsk holds around 5% of Fortescue, the world's
fourth-largest iron ore miner.
The court will hear the Magnitogorsk's challenge Dec. 9, the
steelmaker said.
The marketing division of ENRC--a diversified miner focused on
Kazakhstan and listed in London--wants the stake frozen as
collateral in a case it has brought against Magnitogorsk over the
steelmaker's failure to buy all the iron ore it is contracted to
purchase.
A person with the knowledge of situation said earlier Thursday
that the two parties are close to settling the dispute.
Magnitogorsk is contracted to buy around 12 million metric tons
of ENRC's 17 million tons annual iron ore output, but the miner
said in a quarterly report Nov. 10 that the steelmaker would only
take 70% of this amount during the last four months of 2011.
-By Nadia Popova, Dow Jones Newswires; +7 495 232-9198,
nadia.popova@dowjones.com
(David Fickling in Sydney contributed to this item.)
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