Magnitogorsk Considers Buying Into Flinders Mines

Russian steelmaker OAO Magnitogorsk Iron & Steel Works (MAGN.RS) is considering buying into Australian iron ore miner Flinders Mines Ltd. (FMS.AU), Interfax reports Tuesday citing a company statement.

No relevant statements or disclosure notes were to be found on the company's website or its London Stock Exchange page at 1024 GMT. A Magnitogorsk spokesman declined to comment.

Magnitogorsk's board considered the purchase at a meeting Nov.18, Interfax said. It wasn't clear what stake in Flinders Mines Magnitogorsk considered buying.

Flinders' main focus is on the development of its Pilbara project, a large iron ore mine in Western Australia, according to the company's website. Mining is planned to commence in 2014, with an annual production rate of 15 million metric tons from start-up.

-By Nadia Popova, Dow Jones Newswires; +7 495 232-9198; nadia.popova@dowjones.com

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