MetroCoal bids for rest of Cape Alumina as stake exceeds 90%
PERTH (miningweekly.com) – ASX-listed MetroCoal has made strides in its takeover of fellow-listed Cape Alumina, after major shareholder China Xinfa Group Corporation accepted MetroCoal’s offer for its 12.1% shareholding.
MetroCoal’s total shareholding in Cape Alumina now exceeded 90%, and the company said on Monday that it would proceed to launch a compulsory acquisition of the remaining shares.
Under its current takeover target, MetroCoal is offering Cape Alumina shareholders one of its own shares for every 1.3 Cape Alumina shares held.
MetroCoal said the takeover was in the best interest of all shareholders, as it allowed the company to focus its resources on the development of the Bauxite Hills project, and to realise the benefits and savings available to the merged entity.
A prefeasibility study previously conducted by Cape Alumina has found that the Bauxite Hills mine could deliver five-million tonnes a year, over a ten-year life. The study proposed that the Bauxite Hills mine would start production at 2.5-million tonnes a year of dry beneficiated bauxite, building to full capacity over a two-year period.
Capital costs for the project have been estimated at between A$234-million and A$250-million, depending on the time and development option chosen for the Bauxite Hills project, with operating costs estimated at between A$24/t and A$27/t.
MetroCoal said that the market outlook for bauxite remained positive, reflecting strong demand in the sector and the supply constraints resulting from Indonesia’s ban on exports, which was introduced in January this year.
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
We at Hawk High Pressure Pumps specialise in industrial pumps and pumping systems. Our high pressure washing equipment is locally manufactured and...
VISIT SHOWROOM
The Steel Tube Export Association of South Africa was established to develop sustainable, internationally competitive carbon steel tube and pipe...
VISIT SHOWROOM
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
