Wah Nam International is shrugging off the gloomy outlook for iron ore and pressing ahead with planning for development at its Marillana project in the Pilbara, targeting first production in 2016.
Chinese investment group Wah Nam International has moved to gain full ownership of iron ore company Brockman Resources, through a takeover pitched at less than half the value of its original offer.
Brockman Resources has replaced most of its board of directors in the wake of Hong Kong investment house Wah Nam International taking a controlling stake in the iron ore junior.
Brockman Resources and Wah Nam International say the timely development of the Marillana iron ore project is top priority following the conclusion of Wah Nam's $900 million plus takeover offer.
Brockman Resources has failed in its bid to resist a takeover offer by Hong Kong investment house Wah Nam International, which has received acceptances taking its stake up to 52 per cent in the Pilbara iron ore miner.
Brockman Resources continues to recommend shareholders not to accept a takeover from Wah Nam International, after the Hong Kong investment house declared its offer unconditional.
Wah Nam International says it will proceed with its takeover bid for Brockman Resources, after the Takeovers Panel rejected an application that Wah Nam had acquired Brockman shares in breach of the Corporations Act.
Hong Kong listed Wah Nam International has launched a conditional off market takeover offer for emerging iron ore producers Brockman Resources and FerrAus valued at about $1.2 billion.
