Fortescue (ASX:FMG) unit FMG Pilbara acquired a stake of over 90% in Red Hawk Mining (ASX:RHK), reaching the threshold required to move to compulsorily acquire the remaining Red Hawk shares, according to a Tuesday Australia bourse filing.

The compulsory acquisition will be on the same terms as the offer at a consideration of AU$1.20 per share of Red Hawk Mining.

Shareholders of the firm who have not accepted the offer can do so before the offer closes on March 3.

The Australian Securities Exchange ASX will suspend the quotation of Red Hawk shares five business days after the date of the compulsory acquisition notice.