https://www.engineeringnews.co.za

Oz extends Avanco offer, gains majority share

13th June 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Copper miner Oz Minerals has extended its takeover period for fellow-listed Avanco Resources to July 6, after gaining a 73.9% foothold in the takeover target.

Oz Minerals said on Wednesday that acceptances and acceptance instructions have been received from all of Avanco’s major shareholders, after the offer was declared unconditional on June 7.

Oz Minerals is offering Avanco shareholders 8.5c in cash and 0.009 of its own shares for every Avanco share held, valuing the company at A$418-million.

Oz Minerals intended to develop Avanco’s assets following the takeover offer, but noted that it would likely require significant levels of funding. The company has said that while it would investigate all funding models, the most likely method of raising the required funding would be through the issue of new Avanco shares.


Avanco owns the producing Antas copper mine, in Brazil, and holds a number of exploration assets, as well as the near-term Centro gold project, where a scoping study has been completed. The company in January also acquired the Pantera copper project, which has an inferred resource of 20.8-million tonnes, at 1.7% copper and 0.2% gold for 350 000 t of copper and 140 000 oz of gold.

Edited by Creamer Media Reporter

Comments

Showroom

AutoX
AutoX

We are dedicated to business excellence and innovation.

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.103 0.156s - 156pq - 2rq
Subscribe Now