PERTH (miningweekly.com) – ASX-listed Metro Mining has completed the acquisition of fellow-listed Gulf Alumina, taking full ownership of the company.
Metro initially offered Gulf shareholders a choice between 60c in cash a share, or 50c in cash and one metro share for each Gulf share held, to rival a bid from fellow-listed Moly Mines.
The offer was increased to either 62c in cash, or 52c in cash plus one share in Metro, for each Gulf share held, with Moly’s bid falling by the wayside after the ASX determined last year that the company would not be allowed to relist should it proceed with the acquisition of Gulf.
Metro on Wednesday told shareholders that the company would now proceed to fully integrate Gulf’s Skardon River project tenements into its own Bauxite Hills mine, and would incorporate the use of Gulf’s existing infrastructure into the bankable feasibility study that will be completed in the coming weeks.
With the addition of the Skardon River project, the Bauxite Hills mineral reserve has doubled to 96.5-million tonnes, with direct shipping ore resources estimated at 128.8-million tonnes.
Edited by: Creamer Media Reporter
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