Russian steelmaker Magnitogorsk Iron & Steel Works OJSC (MAGN.RS) has bid A$554 million (US$537 million) cash for Flinders Mines Ltd. (FMS.AU), Flinders said Friday.

Flinders is an iron ore company targeting production from a mine in Australia's remote Pilbara region in early 2015.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com

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