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Northern Iron opts to pay a small fine

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SYDNEY, Dec 18 AAP

December 18 2012, 7:19PM

Perth-based miner Northern Iron will pay a $66,000 penalty after the Australian Securities and Investments Commission (ASIC) issued an infringement notice for failing to abide by the continuous disclosure obligations in the Corporations Act.

ASIC alleged that Northern Iron became aware that confidential information may not have been preserved concerning a non-binding proposal by the Aditya Birla Group.

The regulator said confidentiality may have been lost at or around 1231 AEST on 10 May 2012 and the company did not request a trading halt until 1455 AEST that afternoon.

Northern Iron provided a response to an ASX query on the matter five days later.

It decided against taking legal action and elected to pay a small penalty to finalise the matter.