Atlas looking for equity partner

Atlas is ready to appoint an investment bank to find an equity partner to take around a 30% stake in its McPhee Creek mine.

Atlas Iron (AGO) is on the brink of appointing an investment bank to search for an equity partner for its early-stage McPhee Creek mine that could see the asset valued at $700 million, The Australian reports.

At the Bank of America Merrill Lynch Conference in New York the iron ore miner said the partner would come in at a project level and would take up around a 30% stake in the operation, according to the newspaper.

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