The battle to seize ownership of the Big Daddy chromite deposit in the James Bay Lowlands rages on.
Cliffs Natural Resources raised its cash takeover bid for Spider Resources to $125 million with an offer of 19 cents a share for Spider, up from 13 cents.
The Ohio mining giant said it has executed a lock-up agreement with Spider's largest shareholder in supporting this new offer.
KWG Resources is attempting to merge with Spider. A meeting for Spider shareholders to approve the merger is slated for July 8.
A committee of KWG directors said the amended offer by Cliffs is not superior and that Spider's board of directors acted too quickly in approving the Cliffs bid.
"Spider shareholders have an important decision ahead and we think they should choose the value and certainty of our premium cash offer," said William Boor, president of Cliffs' ferroalloys business unit.
The two companies also announced the discovery of a new kimberlite on the eastern edge of the Ring of Fire. Drilling continues to test this new discovery, dubbed Kyle No. 6.
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