S.African miner Metorex gets new takeover bid

17th June 2011, Comments 0 comments

South African miner Metorex has received an unsolicited takeover bid from an unnamed party, two months after Brazil's Vale made an ofer of $1.1 billion (776 million euros), the company said on Friday.

"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," said a statement.

"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 (JSE).

© 2011 AFP

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