Resource News
PanAust in talks on proposed acquisition
By resourceINTEL · February 26, 2010 · 8:48 am · Leave a Comment
COPPER-GOLD miner PanAust has entered a trading halt, saying it is in discussions for an acquisition with a party located in a different timezone.
In its full year results statement yesterday, PanAust said it was pursuing acquisition opportunities globally, with a preference for producing or pre-development stage copper assets that could support annual output of 50,000 tonnes of copper.
“With a strong balance sheet and access to free cash flow Phu Kham (in Laos), PanAust is well positioned to pursue a strategy of growth through discovery, acquisition and development,” the company said.
At the end of December PanAust had cash of $US88.2 million, project debt of $US63m and a lease facility of $US39m.
The acquisition would be material, PanAust said in a statement.
The trading halt is set to continue until Monday, or until the company makes an announcement in relation to the acquisition.
The Brisbane-based miner owns a copper-gold mine in Laos, as well as advanced exploration assets…read more at The Australian
