Mantos acquires Rio Tinto's shares in Mason Resources
JOHANNESBURG (miningweekly.com) – Pursuant to a share purchase agreement with diversified mining major Rio Tinto subsidiary Rio Tinto Holdings, and Canadian mineral exploration and development company Turquoise Hill Resources, Bermuda-based Mantos Copper will acquire about 13-million shares in copper development company Mason Resources.
Copper-focused Mantos, which owns and operates two mines in northern Chile – Mantos Blancos and Mantoverde – will acquire about 7.5-million shares from Rio Tinto Holdings, representing about 9.58% of the outstanding Mason shares, and about 6.2-million shares from Turquoise Hill, representing about 7.98% of the outstanding Mason shares, at C$0.20 a share for an aggregate purchase price of about C$2.7-million. Mantos Copper will, therefore, acquire about 17.56% of the outstanding Mason shares.
This acquisition dovetails with Mantos’s long-term strategy to invest in attractive copper opportunities in low-risk jurisdictions.
Mantos announced on Friday that, depending on market conditions and the company’s view of Mason's prospects, it may acquire additional Mason securities from time to time in the future, or it may sell all or a portion of its Mason securities.
In addition to owning Rio Tinto Holdings, Rio Tinto also indirectly owns about 50.8% of Turquoise Hill, and is therefore deemed to have had indirect beneficial ownership over the Mason shares to be sold by Turquoise Hill.
Following Mantos’s acquisition of its shares in Mason, Rio Tinto will no longer own any Mason shares.
The diversified mining major noted on Friday that the sale is expected to be completed within the next seven days and is part of Rio Tinto's ongoing review of its investment holdings.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
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
