PERTH (miningweekly.com) – Metals miner Metals X has waived the 90% acceptance condition in its takeover offer for fellow-listed Aditya Birla.

Metals X initially offered one of its own shares for every five Aditya shares, valuing the takeover target’s shares at 24.7c each. However, in December, Metals X increased its offer to one of its own shares for every 4.75 Aditya shares held, with the company also waiving a number of conditions of the offer.

Despite adamant advice from the Aditya Birla board that shareholders reject the offer, Metals X said that, to date, it had gained an 18.24% shareholding in the company, indicating a strong preference from minority shareholders for a change in management and approach to the operation of the Nifty copper mine, in the Pilbara.

Metals X said that the waiving of the 90% acceptance condition would enable all minority shareholders to switch their shareholding in Aditya Birla into shareholding in Metals X.

Metals X has previously extended its offer period until January 21.

Aditya Birla, meanwhile, on Thursday reported continued improvement in operating performances at the Nifty operation during the three months to December.

Copper production increased by 75% on the September quarter, reaching 11 003 t, owing to an improved average copper grade and a 21% increase in tonnes processed.

C1 cash operating costs for the quarter reduced by 32%, to A$2.09/lb.

Following the increase in the December quarter production, full-year production expectations at Nifty increased from between 25 000 t and 28 000 t, to between 29 000 t and 30 000 t.

Meanwhile, a strategic review of the copper miner was still under way, with Aditya Birla stating that the first stage of the review had been completed.

The first stage of the process resulted in the sale of the Mt Gordon operations, in Queensland, in a deal valued at A$15-million.

The aim of the review was to maximise the value for Aditya Birla shareholders, and all strategic options were being considered, the company said. The review would likely be completed in the March quarter.