The takeover of Flinders Mines Limited (ASX:FMS) by Russian based Magnitogorsk Iron & Steel Works OJSC (MMK) may be further delayed.
The iron ore miner has seen its appeal which was scheduled to be heard in July, dismissed by a Russian court.
Flinders says it will continue to exhaust “all avenues to enable a transaction with MMK to be implemented before the quit date of 30 June.”
Flinders booked a net loss of $2.4 million in the first half of its 2012 financial year.