Cardinal directors take up Shandong's offer

13th January 2021 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – The directors of ASX- and TSX-listed Cardinal Resources have all accepted a takeover offer from Chinese suitor Shandong Gold Mining, and have urged the company’s remaining shareholders to do the same before the end of the offer period on January 19.

Shandong Gold Mining on Wednesday had a 92.29% interest in Cardinal.

The Chinese suitor in December beat out its Russian competitor Nordgold, after increasing its takeover offer from A$1.05 a share to A$1.075 a share, a move which also prompted Guinean suitor Engineers & Planners Company to abandon its own takeover offer for Cardinal.

Cardinal’s main asset is the Namdini gold project, which is expected to 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.