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Mineral Resources denied right to mine at Yilgarn; takeover of AWE gains support

The Western Australian government decided not to allow Mineral Resources Ltd. to mine at the Jackson 5 and Bungalbin East iron ore deposits at its Yilgarn mine.

The company noted that the decision is "disappointing" but will not have a material impact on Mineral Resources' business.

The full-year guidance for fiscal 2018 is unchanged, the company said Dec. 21.

Mineral Resources will start to move out of Yilgarn over the next six to 12 months as production activities stop and rehabilitation commences.

Meanwhile, the directors of oil and gas producer AWE Ltd. unanimously recommended shareholders vote in favor of the takeover offer from Mineral Resources.

The company offered 41.5 Australian cents in cash and between 0.0198 and 0.0277 of a share for each AWE share held, valuing the offer at about 83 cents apiece and AWE at A$526.0 million.

Under the deal announced Dec. 11, Mineral Resources' offer was valued at 80 cents per share, structured as 1 new Mineral Resources share for every 22.325 AWE shares held.