- Write by:
-
Thursday, December 19, 2019 - 12:18:46 PM
-
747 Visit
-
Print
Mining News Pro - Egypt-focused gold miner Centamin has accused Canada’s Endeavour Mining of making it difficult for the company to assess the value of a potential business combination unless it agrees to extending a firm offer deadline.
According to Mining News Pro - The London-listed gold miner said that since Endeavour was not engaging in a “proper manner” it would not ask UK regulators for an extension to a December 31 bid deadline.a
Earlier in the week, the gold miners seemed to be moving forward on a possible merger as they agreed to explore the feasibility of such a deal.
Centamin, which called the Toronto-listed miner’s approach an “unsolicited offer,” had rejected the potential suitor’s original $1.9 billion (£1.5 billion) all-stock takeover bid, saying it did not offer enough value to its shareholders.
It also noted at the time that a business combination would expose the company to the deteriorating security situation in Burkina Faso, as almost half of Endeavour’s gold resources are located in the west African country.
Only last month, at least 37 civilians were killed and more than 60 wounded when gunmen ambushed a convoy transporting workers of Canadian gold miner Semafo (TSX: SMF) in eastern Burkina Faso.
A deal would hand the Canadian company Centamin’s Sukari gold mine in Egypt — a 500,000-ounce-a-year operation and one of the world’s top ten deposits of the precious metal.
Sukari, which began operations in January 2010 and is Egypt’s largest gold mine, comprises a large open pit and an underground portion. Last year, the company worked on operational improvements on both sections, but they took longer than planned to materialize, which affected output.
A successful merger would create a mid-tier gold company with a market value of almost $4 billion and annual output of more than 1.2 million ounces.
Short Link:
https://www.miningnews.ir/En/News/460417
Canadian miner Barrick Gold on Wednesday beat first-quarter profit estimates on higher bullion prices and said it has ...
Barrick Gold faced criticism outside its annual general meeting on Tuesday in Toronto for supporting Malian rulers with ...
Glencore expects profit at its trading division this year to be at the top end of its long-term annual guidance, in an ...
Gold wavered as traders looked ahead to a week with a Federal Reserve rate decision meeting and key US jobs data.
BHP Group Ltd.’s proposal for a $39 billion takeover of rival Anglo American Plc is all about securing plenty of copper ...
Marex Group Plc and a group of the London-based firm’s shareholders raised about $292 million in a US initial public ...
Newmont Corp beat Wall Street estimates for first-quarter profit on Thursday, as the world’s largest gold miner ...
Aurubis AG, Europe’s largest refined copper producer, has started a project in its Bulgarian smelter which will expand ...
Zimbabwe’s President Emmerson Mnangagwa has re-appointed Winston Chitando as the southern African nation’s mines ...
No comments have been posted yet ...