- Write by:
-
Tuesday, November 26, 2019 - 2:14:41 PM
-
627 Visit
-
Print
Mining News Pro - Shareholders in West Africa-focused gold miner Avesoro Resources have been granted more time by the company’s controlling shareholder to decide on a takeover offer submitted in October.
According to Mining News Pro - The bidder, UK-based Avesoro Jersey, already has a 72.9% stake in Canada’s Avesoro Resources and is offering £1 (about $1.20) per each share of the miner it doesn’t already own.
Investors in the takeover target, which originally had until Nov. 22 to approve or reject the offer, now can cast their vote until Dec. 3, by 5pm ET.
It’s estimated, however, that at least 85% of Avesoro Resources’ shareholders has already accepted the deal.
The Toronto-based gold producer has faced a number of challenges in recent months, including having to temporarily shut its Youga mine in Burkina Faso after an illegal miner was shot dead on site by a security guard.
Avesoro also had to suspend work at its New Liberty mine this year due to heavy rainfall flooding the pit, which hindered gold shipments from the mine.
In early October, a pit wall collapse forced the company to halt production again at the Liberian mine.
As a result, Avesoro cut annual output guidance for both mines, which are now forecast to produce between 140,000 and 145,000 ounces this year, down from the 180,000-200,000 ounces estimated in September. That compares to 220,000 gold ounces the New Liberty and Youga churned out in 2018.
Short Link:
https://www.miningnews.ir/En/News/448981
The four largest indigenous communities in Chile’s Atacama salt flat suspended dialogue with state-run copper giant ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Representatives from the Peñas Negras Indigenous community, in northwestern Argentina, clashed with heavily armed police ...
Newmont confirmed on Wednesday that two members of its workforce died this week at the Cerro Negro mine located in the ...
Chinese investors are snapping up stocks tied to high-flying metals from copper to gold, aiding an onshore market facing ...
Outflows from global physically backed gold exchange traded funds (ETFs) continued for a 10th month in March, but at a ...
i-80 Gold fell by over 11% at market open Tuesday following its announcement of a C$100 million ($74m) public offering ...
Australia’s Westgold Resources said on Monday it had agreed to acquire Toronto-listed Karora Resources in a ...
Chinese coal prices are likely to keep falling until the start of the peak summer season, suppressing imports of the ...
No comments have been posted yet ...