Resource News

China’s Zijin bids $498m for Indophil

 

MELBOURNE – Zijin Mining Group Co, China’s largest listed gold company, offered A$545-million ($498-million) for Australian miner Indophil Resources NL, a bid recommended by Indophil.

Zijin offered A$1,28 a share, an 18 percent premium to Indophil’s last trade, Indophil said in a statement on Tuesday.

Zijin has already agreed to buy a 19,99 percent stake in Indophil owned by Swiss-based miner Xstrata.

Indophil has a 34,23 percent stake in the $5,2-billion Tampakan copper and gold project in southern Philippines, controlled by Xstrata…read more at the Mining Weekly

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