Shandong increases Cardinal offer
PERTH (miningweekly.com) – Hong Kong-based Shandong Gold Mining has increased its takeover offer for ASX- and TSX-listed Cardinal Resources to 70c a share.
Cardinal in June this year recommended that shareholders accept a 60c-a-share takeover offer from Shandong Gold Mining, but was last week presented with a competing bid from shareholder Nordgold, which was offering Cardinal shareholders 66c in cash for each share held.
Cardinal said on Thursday that the increased offer from Shandong Gold Mining is being considered in detail by the board, as well as a special committee and the company’s financial and legal advisers.
The improved Shandong Gold Mining offer remains subject to a number of conditions, including both Australian and Chinese regulatory approvals. Shandong Gold Mining has told Cardinal that it expected to receive certain of the Chinese regulatory approvals imminently.
Cardinal has again urged shareholders not to take any action with regard to either of the takeover offers until a recommendation has been made.
Cardinal holds an interest in a number of tenements within Ghana, and is currently focused on the development of its Namdini project, which has an ore reserve of some 5.1-million ounces.
A feasibility study into the project estimated that it would produce some 4.2-million ounces of gold over a mine life of 15 years, with an estimated 1.1-million ounces expected over the first three years of the operation. Namdini is expected to cost $390-million to develop.
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