Metro rivals Moly with cash and share offer for Gulf Alumina
PERTH (miningweeky.com) – ASX-listed Metro Mining will launch another takeover offer for Gulf Alumina to rival a takeover offer from fellow-listed Moly Mines.
Metro, which already holds a 39% stake in Gulf Alumina, has previously said some of the conditions attached to the Moly Mines offer would be difficult to satisfy.
Moly Mines in September launched a takeover for Gulf Alumina, offering shareholders a combination of A$0.46 in cash and 1.4 options for each share held. The Gulf Alumina board had unanimously recommended that shareholders accept the Moly Mines offer.
Metro Mining on Tuesday offered Gulf shareholders a choice of 60c in cash a share, or a cash and shares alternative of 50c in cash and one metro share for each Gulf share held. Based on Metro’s closing price of 11c a share on October 24, the cash and share alternative was valued at 61c per Gulf share.
Metro’s offer is subject to the company’s relative interest in Gulf exceeding 51% during the offer period.
Metro in December made its first attempt at buying Gulf Alumina, offering shareholders 3.3 new Metro shares for every one gulf share held.
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 is 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.
Gulf in September received Commonwealth environmental approval for the Skardon River bauxite project.
In its takeover offer, Moly Mines has revealed plans to progress the project into production “as soon as possible”.
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