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Independence won't confirm Sirius speculation

12th May 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Metals miner Independence Group on Tuesday denied that it had made any firm commitments to expand its footprint, after media speculation emerged that the company was considering a takeover of nickel developer Sirius Resources.

The West Australian this week quoted market sources who claimed that Independence was considering a deal to acquire a significant stake in Sirius as a precursor to launching an all-out takeover bid.

Independence told shareholders on Tuesday that the company was continuously assessing corporate and asset-based opportunities to deliver increased shareholder value, but added that it had not entered into any agreements with either Sirius or the company’s major shareholder, Mark Creasy.

Independence currently produces nickel from its Long operation, and zinc from its Jaguar mine, both in Western Australia. The company also has a 30% interest in the Tropicana gold mine, in Western Australia.

Sirius holds the Nova project, also in Western Australia, which is expected to deliver about 26 000 t/y of nickel, 11 500 t/y of copper and 850 t/y of cobalt over a ten-year mine life.

Edited by Creamer Media Reporter

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