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Golden glow to control of Aussie firm
By Richard Fu |
September 21, 2012, Friday
|
Print Edition
Print Edition
SHANDONG Gold Group will invest A$227.5 million (US$238 million) to take control of Australia's Focus Minerals Ltd, joining other Chinese producers in investing overseas as the price of the precious metal is set to rally for the 12th year.
The deal announced yesterday will see Focus Minerals issue 4.55 billion new shares at 5 Australian cents each in a placement to Shandong Gold's international unit. The placement is a premium of 13.6 percent to Focus Minerals' closing price on Wednesday and will give Shandong Gold International Mining Corp 51 percent in the Australian firm on a fully diluted basis.
"We are a significant gold producer in China and understand the nature of the opportunities that Focus could realize with a serious investment in exploration of its tenements," said Zhang Dahui, general manager of Shandong Gold International, a subsidiary 65 percent owned by Shandong Gold Group, China's third-largest bullion company by output.
The directors of the Australian firm will recommend the placement in the absence of a superior proposal and subject to an independent review. The deal awaits regulatory approvals in China and Australia.
The deal announced yesterday will see Focus Minerals issue 4.55 billion new shares at 5 Australian cents each in a placement to Shandong Gold's international unit. The placement is a premium of 13.6 percent to Focus Minerals' closing price on Wednesday and will give Shandong Gold International Mining Corp 51 percent in the Australian firm on a fully diluted basis.
"We are a significant gold producer in China and understand the nature of the opportunities that Focus could realize with a serious investment in exploration of its tenements," said Zhang Dahui, general manager of Shandong Gold International, a subsidiary 65 percent owned by Shandong Gold Group, China's third-largest bullion company by output.
The directors of the Australian firm will recommend the placement in the absence of a superior proposal and subject to an independent review. The deal awaits regulatory approvals in China and Australia.
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