Billionaire Clive Palmer's Resource Development International Ltd has made a formal bid for Australasian Resources Ltd, which is set to play a key role in the mining of 20 billion tonnes of iron ore from the Balmoral tenements in Western Australia.
Australasian Resources Ltd today confirmed that it has received a merger proposal from billionaire Clive Palmer's Resources Development International Ltd, which is currently finalising plans for a $5 billion initial public offer.
