Metro responds to Moly Mines offer
PERTH (miningweekly.com) – ASX-listed Metro Mining has responded to fellow-listed Moly Mines’ offer for Gulf Alumina, in which Metro holds a 39% interest, saying that some of the conditions of the transaction will be difficult to satisfy.
Metro pointed out on Friday that Moly Mines is a controlled subsidiary of the Hanlong Group, and had been suspended from trading on the ASX since April 2014.
Moly Mines this week set its sights on Gulf Alumina, offering shareholders a combination of A$0.46 in cash and 1.4 options for each share held.
Moly Mines is hoping to advance Gulf Alumina’s direct shipping ore bauxite project, in Queensland, where a definitive feasibility study recently supported an initial three-million-tonne-a-year production rate, increasing to five-million tonnes a year, subject to market conditions.
Moly Mines said it would progress the project "as soon as possible", noting that environmental approvals were at an advanced stage.
Metro said on Friday that while the Moly Mines offer was highly conditional, the offer recognised the potential and value of bauxite projects in the Skardon River region of Cape York, including Metro’s own Bauxite Hills project.
Metro in late 2015 made a failed play for Gulf.
The company said that its key focus continued to be the near term development of its own projects, while it remained "open to bringing about the logical combination of Metro and Gulf’s projects" to unlock synergies and commercial benefits.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation