Metro extends takeover period for Gulf
PERTH (miningweekly.com) – Bauxite developer Metro Mining has extended the takeover period of its offer for unlisted Gulf Alumina from February 15 to March 15.
Metro in December last year launched a takeover offer for Gulf Alumina, offering Gulf shareholders 3.3 new Metro shares for every one gulf share held.
Acceptance of the transaction would result in Gulf shareholders owning a combined 44% of the enlarged company.
The offer was subject to a number of conditions, including a 50.1% minimum acceptance condition.
At the time of the offer, Metro told shareholders that a combination of the company’s own assets and Gulf’s adjacent bauxite development project at Skardon River could create a leading independent Cape York bauxite company.
Gulf holds about 2 000 km2 of partially drilled bauxite mining tenements and rights in the Cape York peninsula, in northern Queensland, and a further 320 km in the Northern Territory. The takeover target was aiming to develop a three-million-tonne-a-year operation at its Skardon River tenements, ramping up to five-million tonnes a year of direct shipping ore.
Metro recently completed a prefeasibility study into an expanded production scenario at its own proposed Bauxite Hills mine, which considered doubling bauxite production to four-million tonnes a year, over a mine life of 13 years.
Comments
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