Metorex gets new takeover bid

2011-06-17 13:11

South African miner Metorex has received an unsolicited takeover bid from an unnamed party, two months after Brazil’s Vale made an offer of $1.1 billion (R7.5 billion), the company announced today.

“The expression of interest provides for certain pre-conditions to be met before the alternate party will be prepared to express a firm intention to make an offer,” a statement from the company read.

“However, shareholders are further advised that there is currently no certainty that Metorex will receive a firm intention to make an offer from the alternate party.”

Metorex owns the Ruashi copper and cobalt open-pit mine in the Katanga province of the Democratic Republic of the Congo, as well as the Chibuluma underground copper mine and the Sable zinc operation in Zambia.

Metorex is listed on the Johannesburg Stock Exchange.

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