Metro rivals Moly with cash and share offer for Gulf Alumina
PERTH (miningweeky.com) – ASX-listed Metro Mining will launch another takeover offer for Gulf Alumina to rival a takeover offer from fellow-listed Moly Mines.
Metro, which already holds a 39% stake in Gulf Alumina, has previously said some of the conditions attached to the Moly Mines offer would be difficult to satisfy.
Moly Mines in September launched a takeover for Gulf Alumina, offering shareholders a combination of A$0.46 in cash and 1.4 options for each share held. The Gulf Alumina board had unanimously recommended that shareholders accept the Moly Mines offer.
Metro Mining on Tuesday offered Gulf shareholders a choice of 60c in cash a share, or a cash and shares alternative of 50c in cash and one metro share for each Gulf share held. Based on Metro’s closing price of 11c a share on October 24, the cash and share alternative was valued at 61c per Gulf share.
Metro’s offer is subject to the company’s relative interest in Gulf exceeding 51% during the offer period.
Metro in December made its first attempt at buying Gulf Alumina, offering shareholders 3.3 new Metro shares for every one gulf share held.
Gulf holds about 2 000 km2 of partially drilled bauxite mining tenements and rights in the Cape York peninsula, in northern Queensland, and a further 320 km in the Northern Territory. The takeover target is aiming to develop a three-million-tonne-a-year operation at its Skardon River tenements, ramping up to five-million tonnes a year of direct shipping ore.
Gulf in September received Commonwealth environmental approval for the Skardon River bauxite project.
In its takeover offer, Moly Mines has revealed plans to progress the project into production “as soon as possible”.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...
VISIT SHOWROOM
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
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
