Rocklands Richfield Limited (RCI) said Meijin Energy Group’s takeover offer of 52c per share announced last week was still superior to an offer made by Jindal Steel & Power Limited on Friday. Jindal increased its offer price from a previous 42c per share to 50c per share. RCI said its board had carefully considered the revised Jindal proposal, and its current view is that the Meijin proposal remains a superior proposal, principally due to the higher offer price proposed in the Meijin Proposal.
Territory Resources Limited (TTY) said it has reached an agreement to sell its 8.5% stake in India Resources Limited (IRL). The iron ore producer said the deal would involve the sale of Territory’s stake in India at $0.024 per share, raising a total of $456,456, and the transfer of a $1.5 million inter-company loan previously provided to India by Territory. The company said the agreement is conditional on IRL shareholder approval as well as approval by Noble Group Ltd, Territory’s third party financier. Territory said all proceeds received under the transaction would be paid to Noble to reduce the company’s debt to Noble.
Focus Minerals Limited (FML) said the recently completed milling campaign at its Coolgardie Gold Project delivered record gold production of approximately 21,900 ounces. The company said the record production comes as it makes final preparations to move all gold processing to its 1.2Mtpa Three Mile Hill gold processing facility, which is currently in the final stages of refurbishment ahead of recommissioning in December. Focus said it has available cash and bullion totalling $19.8 million.
Integra Mining Limited (IGR) announced high-grade gold intercepts to 123g/t from the Maxwells gold deposit at the Company’s Randalls Gold Project. The company said assay results for the final seven diamond drill holes have demonstrated high to very high grades of gold mineralisation, further emphasising the potential for underground production with high grade gold mineralisation expected to persist to significant depths below the base of the proposed open pit. Integra said in addition to the Phase 1 project development, Integra said it has identified further Phase 2 open pit production from a number of additional gold deposits and is currently evaluating the potential for underground gold production from the Maxwells, Cock-eyed Bob and Santa BIF hosted gold deposits. The company said it has the potential to expand gold production from an initial 75,000 ounces per annum to +140,000 ounces per annum.
Meridian Minerals Limited (MII) said Chinese company Northwest Mining and Geology Group Co Ltd. (NWME) has received Chinese government approval from the NDRC, for their investment of $10.5 million into Meridian. The Australian miner said the investment would be made through NWME’s wholly owned Australian subsidiary, Northwest Nonferrous Australia Mining Pty Ltd. Meridian said it would issue 131,250,000 ordinary shares to NWME, at a share price of 8c. The company anticipates the funds to be available to Meridian before the end of November. Meridian said as soon as practical following the receipt of the funds, it would commence its planned +20,000 metre drill program at the Kapok and Kapok West mineral resources.
St Barbara Limited (SBM) reported Monday that it would be economically viable for underground mining of higher grade ores near its Gwalia mine at Leonora in Western Australia. Expectations are that the ore would be suitable to be processed through the Gwalia mill with metallurgical recoveries expected to be in the range of 92-95%, with the development costing $20 million and taking until the second half of 2010 to complete.
Sundance Resources Limited (SDL) announced that it has completed a Placement Agreement to raise $85m from international institutional investors. The iron ore miner said subject to shareholder approval being obtained and other general conditions of the agreement, a total of 566,666,667 shares would be issued at 15c each. The raising is to be completed in two tranches.
