Bryah to retain manganese holding
PERTH (miningweekly.com) – ASX-listed Bryah Resources will retain its 70% shareholding in the Bryah basin manganese joint venture (JV) as suitors failed to meet outstanding conditions for the offer.
Bryah in January announced that it had received a conditional A$5-million cash offer from ASX-listed Primero Group and natural resources specialist investor AMCI Group to acquire Bryah’s interest in the JV with OM Manganese.
Outstanding conditions of the offer included Foreign Investment Review Board approval, OM Manganese agreeing with the offerors on future objectives for the JV, and the offers being satisfied with the due diligence results.
Bryah on Wednesday said dialogue between the company and the suitors had revealed that some of the outstanding conditions would not be achieved within the completion deadline of April 7, with the company announcing that the sale would not proceed.
To date, OM Manganese has spent some A$2.35-million on the JV to earn a 30% stake in the project, with a further A$650 000 to be funded in the second and third quarters of this year, increasing OM Manganese’s stake in the JV to 51%.
Primero Group is in the midst of a takeover from project house NRW Holdings, which is offering shareholders 27.5c in cash and 0.106 NRW shares for each Primero share held.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation