https://www.miningweekly.com
Far East Gold|Lonergan Edwards & Associates|Xingye Gold|Australia|Indonesia|Idenburg|Gold Mining
|||
far-east-gold|lonergan-edwards-associates|xingye-gold|australia|indonesia|idenburg|gold-mining

Far East Gold independent board commitee rejects Xingye takeover offer

26th June 2026

By: Marleny Arnoldi

Online News Editor

     

Font size: - +

ASX-listed Far East Gold's independent board committee has recommended that shareholders reject the unsolicited off-market takeover offer having been made by Hong Kong-based Xingye Gold.

Xingye's A$0.13 apiece buyout offer is, according to independent expert Lonergan Edwards & Associates, neither fair nor reasonable.

The firm estimates Far East Gold's share value closer to A$0.324 and A$0.444 apiece, with a mid-point of A$0.385.

Notably, Lonergan's assessment was made prior to a forthcoming scoping study on the Idenburg project, in Indonesia.

Xingye's offer price is ultimately between 60% and 71% lower below Lonergan's assessed value.

Far East Gold's independent directors also intend to reject the offer, with the independent directors holding 11% of the company's share capital at the moment.

Other major shareholders representing 12.4% of Far East Gold's share capital also intend to reject the offer.

The Idenburg project has a mineral reserve estimate of 780 000 oz contained gold, with Far East Gold holding 51% of the project's ownership. The company also has development projects in Australia.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Columbus Stainless
Columbus Stainless

Columbus Stainless, based in Middelburg, Mpumalanga, is Africa’s only producer of stainless steel flat products. In addition, Columbus is the only...

VISIT SHOWROOM 
Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 24 July 2026
Magazine round up | 24 July 2026
24th July 2026

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.044 0.065s - 115pq - 2rq
Subscribe Now