Harbinger ups Midwest stake to 10.53%

July 16th (Steel Guru) – It is reported that US based Harbinger Capital has increased its shareholding in Western Australian iron ore miner Midwest Corporation Ltd from 9.1% to 10.53%.

As per report Harbinger’s increased stake along with rival miner Murchison Metal’s refusal to give up its 10% holding in Midwest will prevent controlling shareholder Sinosteel’s wish to build its stake to 90% and therefore compulsory acquire all remaining shares.

Mr Paul Kopejtka CEO of Murchison said that his company can extract greater value from remaining a Midwest shareholder than selling to the state-owned Chinese steel company Sinosteel.

Harbinger Capital is the largest shareholder in Murchison Metals.