Another Iron Ore Deal In WA?

  Still in the resource sector, something is up at & #160;iron ore miner, Atlas Iron.There was a story around on the newswires about a possible play for a stake in a mine from foreign interests, and then the company asked for its shares to be suspended until tomorrow.Atlas said it asked for the trading halt & quot;pending a potential material announcement & quot; by the company.The halt came & #160;two months after Atlas told Reuters that & #160;it was in talks to find a & #160; partner to help it develop its Ridley magnetite deposit in Western Australia.Shares in Atlas last traded up 4.3% at & #36;2.21 a share before the halt.Earlier the Economic Times of India reported that NMDC, which is India's biggest iron ore miner, had linked with a company called & #160;ABS Consulting of Saudi Arabia and Boulder Steel Ltd. to make a & #160;bid for a stake in an Australian iron-ore project owned by Atlas Iron Ltd.A non-binding offer has been pitched to Atlas Iron for a 70% stake in the project, which wasn't named, but is thought to be the Ridley deposit.Atlas has put a value of & #36;3 billion on the & #160;Ridley project and newsagencies yesterday said it had & #160;secured interest from possible buyers & #160;in China, India, South Korea and Japan.The Economic Times also suggested that a Chinese buyer might be interested.According to the Economic Times report, NMDC would take a 15% stake, while Boulder Steel would have 5% and & #160;ABS Consulting 55%.ABS, or Arabia for Business Strategy LLC, is a & #160;company owned by a member of the Saudi royal family. It linked with & #160;Boulder Steel last year to jointly buy resources for iron and steel making in Australia.  

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