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Botswana|Copper|PROJECT|Resources
Botswana|Copper|PROJECT|Resources
botswana|copper|project|resources

Sandfire approaches MOD with merger proposal

21st January 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Botswana-focused MOD Resources went into a trading halt on the ASX on Monday after Australian copper miner Sandfire Resources confirmed that it had approached the junior to express its interest in exploring a potential merger.

Responding to media reports overnight, Sandfire said that the potential combination had been on the basis of A$0.38 a MOD share.

The miner noted that any potential transaction would be conditional upon the completion of a due diligence, the recommendation of the MOD board, and the execution of binding agreements.

MOD shares were last trading at A$0.22 a share.

ASX- and LSE-listed MOD owns the T3 copper project, in Botswana, where a prefeasibility study estimated that the project would require a capital investment of $155-million to develop an openpit operation and plant with a 2.5-million-tonne-a-year throughput capacity, producing 23 000 t/y copper and 690 000 oz/y of silver in concentrate.

A feasibility study is due in the first quarter of this year.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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