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Hancock has achieved an interest in more than 85 per cent of Riversdale Shares

Wednesday, 08 May 2019. Posted in Shootin' the Breeze

Hancock has achieved an interest in more than 85 per cent of Riversdale Shares
Hancock has achieved an interest in more than 85 per cent of Riversdale Shares

Hancock Corporation Pty. Ltd. announced today that it has achieved an interest in more than 85 per cent of Riversdale Resources Limited shares.

The offer price on Riversdale shares has increased as a result and the offer period has been extended.

Mrs. Gina Rinehart, Hancock chair, stated, "I am delighted to be able to confim that Hancock has achieved an interest in more than 85% of Riversdale Resources Limited. For a long time, Hancock has wanted to find a good metallurgical coal opportunity to complement our iron ore projects – both commodities being critical for steelmaking. Grassy Mountain is a good strategic fit for Hancock that adds to our existing iron ore interests in Hope Downs, Roy Hill and Atlas Iron. We look forward to working with Riversdale's staff and other stakeholders to deliver this exciting project."

Garry Korte, Hancock's CEO added, "We are very pleased to have been able to achieve control, and look forward to working with Riversdale's employees, the Canadian Federal and Alberta governments, First Nations and the local community to progress this outstanding project."

Riversdale shareholders are encouraged to refer to an information package available to them at http://bit.ly/2WyYhUr to ensure they are aware of tax oblications.

For more information, see the full announcement at http://bit.ly/2Jui9Vc.