Support The Moscow Times!

MMK Buy Approved

SYDNEY — Australia's Foreign Investment Review Board has approved the proposed 554 million Australian dollars ($591 million) acquisition of iron ore explorer Flinders Mines by Magnitogorsk Iron and Steel Works, or MMK, Flinders said Tuesday.

Flinders, which like other exploration companies is facing tougher credit conditions, has said a takeover by MMK would eliminate "significant risk" that its mine in the Pilbara iron belt of western Australia would not be developed.

"Flinders' board of directors continues to unanimously recommend that all Flinders shareholders vote in favor of the scheme in the absence of a superior proposal," the Australian company said in a statement.


… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.


Read more