https://www.miningweekly.com

Majority of PMC shareholders approve consortium share offer

15th November 2013

By: Natalie Greve

Creamer Media Contributing Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – The bulk of shareholders of the Palabora Mining Company (PMC) have accepted a share purchase offer by a consortium represented by Rio Tinto South Africa (RTSA), which has resulted in RTSA now holding 96.9% of the copper producer’s share capital.

The consortium, comprising South African and Chinese entities – the Industrial Development Corporation, Hebei Iron & Steel (HBIS), Tewoo, General Nice and the China-Africa Development Fund – on Friday said it had received acceptances from holders in respect of 10.8-million offer shares, equating to 87.7% of the ordinary shares in PMC.

Remaining shareholders were advised in a statement that the takeover regulation panel had granted a further extension of the closing date of the offer from November 29 to December 13.

Other than the revision of the timelines, all other terms of the offer remained unchanged.

Palabora said it was understood that minority shareholders were to be offered R110 a share, plus an additional R5.95 a share, being a noncompounding escalation amount of 5% a year calculated from July 1, 2012, to July 31, 2013.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Projects

Image of lithium ore stockpile
Lithium conversion plant, Australia
Updated 2 hours 29 minutes ago By: Sheila Barradas
Aerial view of the Amapá mine
Amapá iron-ore project, Brazil
Updated 2 hours 29 minutes ago By: Sheila Barradas

Showroom

VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 
GreaseMax
GreaseMax

GreaseMax is a chemically operated automatic lubricator.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.134 0.171s - 112pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: