Coal billionaire Matt Latimore plans to bring on board one of Indonesia’s richest families, the Widjaja family, as a minority shareholder if he succeeds in his bid for the Whyalla steelworks, as the sale process for the ailing facility drags on.
Latimore’s M Resources is one of two final bidders for Whyalla and associated iron ore mines, in a process delayed after administrators KordaMentha shut down the ageing blast furnace in September, at the cost of 600 jobs. The other bidder is India’s Jindal Steel International.
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