Billionaire Gina Rinehart has emerged as one of the only winners after the financially embattled UK potash miner Sirius Minerals announced it was backing a low ball £405 million ($766 million) offer from Anglo American.
Under the terms of the deal, which has been backed by the Sirius board, Mrs Rinehart’s group Hancock Prospecting is expected to retain its investment in the project to build a multibillion-dollar potash mine deep beneath the North York Moors National Park.
Sirius was set up by executives involved in the development of Andrew Forrest’s Fortescue Metals which closed at a record high valuation of $36 billion on Monday.
Sirius was worth as much as £1.5 billion at its peak but faced collapse after a $US500 million ($736 million) junk bond offering failed in September.
Read the full story in Sydney Morning Herald