Northern Iron Limited
(ASX:NFE) has advised both of its suitors continue to conduct due diligence and the iron ore miner expects the detailed stage two due diligence process to be completed within weeks.
Northern Iron is currently being pursued by Swiss-based Prominvest and India's Aditya Birla Group and says both companies have attended site visits to the operation in Norway over the last two weeks.
In an update to shareholders Northern Iron has also stated it continues to experience strong demand for its concentrate, despite the recent decline in iron ore prices.
As a result of falling iron ore prices Northern Iron has employed a number of cost saving actions including suspending its current exploration program, deferring non-essential capital expenditure and restructuring some operations.
Northern Iron reported a net profit of $4.9 million in the 2012 financial year.
