- Write by:
-
Tuesday, November 20, 2018 - 2:32:56 PM
-
981 Visit
-
Print
Mining News Pro - Stanmore Coal is the target of a $240 million takeover offer from a subsidiary of Indonesia’s Golden Energy and Resources.
According to Mining News Pro -Stanmore Coal is the target of a $240 million takeover offer from a subsidiary of Indonesia’s Golden Energy and Resources.
Golden Investments, 51 per cent owned by Golden Energy and Resources, is bidding 95 cents for each Stanmore share, a 14.5 per cent premium on the target’s five-day weighted average price prior to receiving the offer.
The bidder believes the offer is “attractive” and provides Stanmore shareholders with “immediate value”.
Stanmore, however, has recommended its shareholders take no action in response to the bid.
The coal company’s share price moved positively following the offer, finishing yesterday’s trading higher than the Golden Investments bid at 98.5 cents.
Ascend Global Investment Fund holds the remaining 49 per cent of Golden Investments.
Stanmore owns the Isaac Plains coal operation in the Bowen Basin, Queensland, a site it acquired from Vale for $1 in 2015. It is also ramping up operations at the adjacent Isaac Plains East mine.
The company also reported yesterday that the Isaac Plains Complex was performing above expectations following improved run-of-mine (ROM) recoveries at Isaac Plains East and production of a higher proportion of semi-soft coking coal compared with its original plan.
It expects to produce 2 million tonnes of product this financial year, with an 88:12 split between semi-soft coking coal and thermal coal.
Golding Contractors last week announced it had been awarded a five-year, $500 million contract extension by Stanmore for mining services at Isaac Plains East.
Short Link:
https://www.miningnews.ir/En/News/301777
Mining News Pro - In the difficult and exhausting conditions of unilateral and cowardly sanctions, more than any other ...
Mining News Pro - The CEO of Khuzestan Steel Company informed about the plans made to reach the production level of 13 ...
Mining News Pro - The 19th International Metallurgy Exhibition (IranMetafo) was held at the permanent location of Tehran ...
Mining News Pro - European Commission President Ursula von der Leyen said last month that commodities like lithium and ...
Mining News Pro - In response to Western sanctions, Russian miners have looked towards merging to create companies ...
Mining News Pro - In 2020, Iran started to promote mining tourism by launching the first project in the Anguran lead and ...
Mining News Pro - Acid mine drainage has long been a scourge in Appalachia. Recent research suggests that we may be able ...
Mining News Pro - Using a global data set of zircon trace elements, new research demonstrates the power of machine ...
Mining News Pro - The global markets of nickel, lithium and cobalt – three of the key metals used in electric vehicle ...
No comments have been posted yet ...