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Indonesian consortium bids for copper miner Finders

Indonesian consortium bids for copper miner Finders

Photo by Bloomberg

6th October 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Copper miner Finders Resources on Friday flagged a possible A$178-million takeover offer from a consortium consisting of Indonesia-listed companies.

The consortium, known as Eastern Field Developments, is jointly owned by Procap Partners, PT Saratoga Investama Sedaya and PT Merdeka Copper Gold.

In a letter to Finders, the consortium said that it would offer shareholders 23c a share in cash for their interest in the copper miner, with the consortium members already owning a relevant interest of 19.8%.

“Provident and Saratoga have determined their existing interest in Finders is too small in the context of their collective portfolios. This offer enables them to materially increase their shareholding in Finders,” said Eastern Field director David Fowler.

“The offer also provides Finders shareholders with the opportunity to lock in certain all cash value while removing the Indonesian operational and regulatory risks associated with Finders’ Wetar project.”

The Wetar project, in Indonesia, produced 12 929 t of copper cathode during the six months to June, after the copper cathode solvent extraction and electrowinning plant was commissioned in May last year. The project reached its nameplate capacity of 25 000 t/y by the December quarter of 2016.

The takeover offer would be subject to Eastern Field obtaining an interest of more than 50% in ASX-listed Finders, as well as Foreign Investment Review Board approval.

Fowler said that in the event that the takeover offer was unsuccessful, both Provident and Saratoga would review their interest in Finders, and could divest of their shareholding and withdraw their interest in Finders.

The copper miner on Friday told shareholders that the company’s directors would consider the offer, and would advise shareholders on a recommended course of action.

In the meantime, shareholders were urged not to take any action in relation to the proposed offer.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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