Metals X taking complete control

by admin on July 15th, 2018

filed under 南京夜网

Renison miner Metals X Limited will compulsorily acquire the remaining shares in takeover target Aditya Birla Minerals Limited.
Nanjing Night Net

Metals X can legally make that move because its ownership share of the target company has passed 90 per cent.

That was made virtually inevitable earlier in July when major shareholder Hindalco Industries Limited accepted the Metals X offer.

Hindalco’s 51 per cent stake in Aditya Birla took Metals X’s ownershipat that point past 85 per cent.

Renison

Aditya Birla is Perth-based, with a focus on copper mining and exploration.

Listed on the ASX in 2006, it ships copper concentrate to Hindalco’s smelter in India.

The chairman of stalled Circular Head iron ore miner Shree Minerals Limited, Sanjay Loyalka, is a former managing director of Aditya Birla.

He resigned in 2008.

Metals X told the ASX on July 22 it now owned about 90.06 per cent of Aditya Birla shares.

It lodged a compulsory acquisition notice forthe rest with corporate regulator the Australian Securities and Investments Commission, andinformed remaining shareholders by letter.

Share trading in Aditya Birla is expected to be suspended on Friday, with de-listing to follow.

Renison, which is half-owned by Metals X, was profitable in the March quarter.

The West Coast mine averaged $21,170 per tonne of tin metal sold, against a cash cost of $14,455 and an all-in sustaining cost of $19,311.

This story Administrator ready to work first appeared on Nanjing Night Net.

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