Xstrata wants to buy Indophil stake in Tampakan mine project
Filed under: Mine - Tampakan, Mineral - Copper, Mineral - Gold, Operator - Indophil Resources NL, Operator - Xstrata
From: www.sunstar.com.ph
TAMPAKAN, South Cotabato — Major global mining player Xstrata Copper has expressed intention to buy out the stakes of junior partner Indophil Resources NL at a copper and gold project here stiffly opposed by the local Catholic Church.
Indophil, however, immediately rejected the offer.
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Xstrata’s cash offer was priced at a 28 percent premium to the closing price of A$0.78 per Indophil share on the Australian Securities Exchange last May 14, and a 29 percent premium to the volume weighted average price of Indophil shares over the last month on the Australian bourse.
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