PERTH (miningweekly.com) – Australian mineral sands miner Iluka Resources has confirmed that it was still in discussions with London-listed Kenmare Resources regarding a possible takeover.
Kenmare earlier this week reported that Iluka had continued with its technical and non-technical due diligence over the company, in an effort to progress the proposed takeover.
Iluka approached Kenmare in June regarding the potential combination of the two companies. Kenmare initially rejected the offer, but by October had agreed to enter into negotiations.
Iluka has been on a drive to diversify its geography, acquiring the Sri Lanka-based PKD Resources and signing a joint venture agreement with Brazilian major Vale to evaluate and develop the Tapira titanium deposit, in Brazil.
Kenmare’s Mozambican assets would further diversify Iluka’s portfolio.