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Rum Jungle makes final move on Central Australian Phosphate

25th November 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed Rum Jungle Resources has announced the compulsory acquisition of all the remaining shares in Central Australian Phosphate, after it gained a relevant interest of more than 90%.

In February this year, Rum Jungle launched a takeover offer for Central Australian Phosphate, offering one of its own shares, along with 20c in cash, for every 20 Central Australian Phosphate shares held, valuing the takeover target at about A$12.7-million.

The offer was later revised to 1c in cash and one Rum Jungle share for every 13 Central Australian Phosphate shares held.

The takeover of Central Australian Phosphate would allow Rum Jungle to develop its Barrow Creek 1 and the Arganara operations, in the Northern Territory, as a single development, rather than duplicating much of the associated infrastructure.

Rum Jungle had already completed a scoping study and believed that it could be operating the Barrow Creek 1 and Arganara resources by 2016.

The takeover offer would close on December 6.

Edited by Creamer Media Reporter

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