Oceana Gold Receives Takeover Approaches, Orr Says (Update4)
Filed under: Mine - Didipio, Mineral - Copper, Mineral - Gold, Mineral - Silver, Operator - APMI, Region 02 - Nueva Vizcaya
March 29 (Bloomberg) — Oceana Gold Ltd., an Australian miner with projects in Southeast Asia and New Zealand, has received takeover approaches, Chief Executive Officer Stephen Orr said. The shares pared early losses to end unchanged.
“We have been approached,” Orr said in an interview today in Singapore, without giving details. “We’re not for sale.”
Miners worldwide are stepping up the pace of acquisitions as they try to secure new deposits and benefit from rising metals prices. Oceana, based in Melbourne, bought rival Climax Mining Ltd. in November for A$231 million ($186 million).
“Given Oceana’s rising production profile and exploration potential, it is not surprising the company remains subject to takeover offers,” Greg Canavan, an analyst at Fat Prophets Fund Management Ltd., said in an e-mail from Sydney. “We believe the stock remains cheap at current levels.”
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