PERTH (miningweekly.com) – A subsidiary of mining major Glencore has moved to acquire the remaining shares in ASX-listed junior Sphere Minerals.
Sphere in October last year undertook a 4.4-for-1 pro-rata renounceable entitlement offer, priced at 25c each.
Glencore subsidiary Sidero took part in the entitlement offer, and ended with a 97.5% interest in Sphere.
The subsidiary has started the process for the compulsory acquisition of the ordinary shares in Sphere that it does not already own, offering the remaining shareholders in Sphere 6c in cash for their shares.
Sphere in September last year executed an option agreement with Al Rawda Resources to divest of an 80% interest in its Askaf iron-ore project, in Mauritania, in a deal valued at $10-million and a mine-life royalty of 2.5%.
The option period was recently extended until the end of September.