TAKEOVER target Midwest Corporation Ltd has announced a 10-week delay in completion of its pre-feasibility study for its flagship Weld Range iron ore project in the Mid West region, because of delays in its drilling program. The delay comes at a time when Midwest is trying to fend off a hostile takeover offer from China’s Sinosteel, which is also Midwest’s joint venture partner in the Weld Range project. The company attributed the delays primarily to external factors, including wet weather and challenging drilling conditions. Midwest CEO Bryan Oliver said the delay was not expected to impact on the project’s completion schedule by the second half of 2011, which was driven by the completion of the new port and rail infrastructure development.
