Minemakers seeks takeover intervention
8th Jun 2012
JUNE 8 – Australia’s Takeovers Panel has yet to decide whether to conduct a hearing into the application by Minemakers to force changes in the off-market takeover bid from UCL Resources.
Minemakers claims in its application the bidder’s statement lodged by UCL on May 28 contains material deficiencies and omissions. It calls on the Takeovers Panel to order UCL to prepare a replacement statement and compensate any shareholders who accept the offer in the meantime.
UCL announced its offer of 1-for-1.6 shares plus $A0.45 cash for Minemakers shares on May 21, countering the earlier 13-for-10 offer by Minemakers to UCL shareholders.
Meanwhile, the company is back in the hunt for a partner to join it in developing the Wonarah phosphate project in the Northern Territory, Australia after losing patience with Indian miner NMDC.
Minemaker’s 12-month memorandum of understanding with NMDC expired this month, and it has decided to pursue alternative potential JV partners through a co-ordinated strategic partnership process.
Potential JV partners for one of the world’s few large undeveloped rock phosphate deposits are likely to be major players in the phosphate value chain from various countries – and Minemakers is open to another attempt to link up with NMDC.
The company says, in addition to an initial equity investment and co-funding of a bankable feasibility study, the JV partner will need to be able to facilitate the securing of project debt finance.
Also in the May 30 - June 5, 2012 edition
- AFRICA
- DiamondCorp sets up finance for Lace
- Geopolitical forces reshaping West African view
- Local and global pressures take toll on Eastplats
- Play time for Papillon
- ASIA DESK
- Momentum shifts
- AustMETS
- At your service
- Manufacturing growth
- CABBIE'S CORNER
- Build it, and they will come
- COAL
- Research targets dragline cost
- CONTRACTING
- Holding back to move forward
- EVENTS
- CEEC aims to find answers
- METS sector to feature at Minerals Week; plus updated mining events diary 2012
- Truckless in Bali
- EXPLORATION
- Highlands highs and lows
- Syndicate formed, now for the drilling
- FINANCE
- Nautilus cops double whammy
- Venturing out not for faint-hearted
- GOLD
- Kimberley gold story has familiar tone
- HEAVY METAL
- And Barloworld makes five
- ETF trucks bound for Brazil
- Heavy Metal in brief: ABB, Keech, Ludman
- INSIGHT
- Digging deeper reveals greater riches
- INTERCEPTS
- $55M raising to get Namakwa cash positive this year
- $6.4B Alpha project faces new environmental hurdles
- $6.4B Alpha project go ahead unlikely for months
- 94% underground upgrade for WSA’s Spotted Quoll
- AmmLeach pilot plant produces first metal
- Anglo Asian posts 750,000oz maiden gold resource
- Aurizon confident of more at its Joanna gold project
- Balamara picks up the pace in Poland
- Barrick sacks CEO over share declines
- Cacata partners find scope for hope
- Cameroon miners close in on Mbalam vision
- Capital costs up, production costs down for Orosur
- Cat acquires major Chinese manufacturer
- Cleveland takes up Brazilian iron ore prospect
- Cobham cruises to new FIFO heights
- Condor moves to large scale gold mine economics
- Contractor buys into 10moz Conrad silver project
- Contractor disputes new Gold Ridge claims
- Coolgardie rewards modern explorer
- Cortona wraps up Dargues Reef approvals
- Court appeal halts Ebenezer coal project
- Crusader set to lift Brazilian gold resource
- Diavik diamonds shine for Harry Winston
- Didipio gold/copper production end of 2012
- Discovery switches on Boseto concentrator
- Epic journey leads to McPhees
- Ferrum gains Moonlight mining right
- First Quebec Lithium carbonate due in 2013
- FMG secures $490M expansion funding
- Former Australian minister appointed to Tiaro Coal
- Funding falldown threatens Integrated Resources deal
- GBP8M funding boosts Argentine projects
- Giant graphite find for Energizer
- Gippsland makes late start to Egypt tin project
- Goldplat studies new recovery
- Grades support Integra’s Randalls expansion
- Greenland metal inventory rises again
- GSZ reports large Wolfsberg lithium resource
- Heap leach option for Parral gold project
- Hunan takes 19.9% of Siburan
- International Minerals lines up Balmoral funding
- Kula awards Woodlark feasibility engineering studies
- LionGold offers $US7M for Bolivian gold project
- Major drills up record earnings
- Masbate hits record after upgrade
- Metaliko lifts Goongarrie Lady’s skirts
- Mill failure hits San Gold
- Mine purchase to advance calciner technology
- Miner takes the lead on environmental protection
- Minera wins community support for Peru mine
- Miranda gets permit for Burnside coal mine
- Modder East strike illegal: Gold One
- Modder East workers defy return order
- Nevada plant signs to treat carbon stockpile
- New Age opts for long-term Colombian option
- New direction for tech firm APA
- Nickel equity deal repays ENK loans
- Nordic head for Nordic growth
- Norsk confirms Kurri Kurri smelter shutdown
- Not at their Wits’ end
- NRW wins more Fortescue civil works
- OGL upgrades Bremer coal reserves
- OM wins Bootu Creek damages claim
- Paragon wins time for Lesotho exploration
- Paulsens moves towards a grade jump
- Peninsular posts record Raub production
- Pilbara partners disagree on study status
- Project specialist to drive Wilcherry Hill
- QMC, Ivanhoe agree on White Range deals
- QR tackles high staffing levels, bureaucracy
- Radar deal progresses Central Yilgarn iron project
- Russell takes CAMAR executive position
- Safety alert shuts Vale’s Qld mine
- Santa Fe’s takeover bid falls short – again
- Sihayo gold project in Indo upgraded
- Sky Chrome ramp-up heads higher
- Slow progress for Arian’s Mexican silver project
- Study supports Aspire’s Mongolian mine
- Study supports Cerro Resources gold-silver mine
- Substantial upgrade at Roper Bar iron ore project
- SXE wins Yandi powerline construction
- Talga settles on Swedish graphite licences
- Two new rail corridors for Queensland’s coalfields
- Underground find to boost Troy output
- Upgrade lifts Marengo’s confidence
- VANE takes over management of Wate uranium project
- Vector push for Gwendolyn commissioning 2013 new year
- Vista expands its Mt Todd vision
- Wah Nam moves to mop up Brockman shares
- West Pilbara study waits on port decisions
- Whitehaven powers up new Narrabri longwall
- Wolf raises $5M for UK tungsten project
- MINING
- Mindoro looks to build Philippines profile
- Sukari Hill plan B resonates with analyst
- MINING INTELLIGENCE
- Okay, so where do we go from here?
- MINING IT
- Automated monitoring delivers fine results at Paraburdoo
- Dispatch to mine owner: more training needed
- PEOPLE
- People on the move: Excelsior Gold, Image Resources, Ausdrill, Sandvik, Atlas Iron
- TECHNOLOGY
- ABB China deploys palletising robots
- Imdex adds drilling horsepower to DET CRC
- VIEW FROM THE WEST END
- Ball gazing