Hong Kong-based Minmetals Resources to acquire Australian iron miner MMG

Wednesday, 20 October 2010 17:55:48 (GMT+3)   |  
       

On October 19, Hong Kong-based Minmetals Resources Limited announced that it plans to acquire Australian miner Minerals and Metals Group (MMG) for US$1.845 billion from its parent company China mainland-based China Minmetals Non-ferrous Metals Co., Ltd. The plan is currently awaiting approval from the parent company. 

Accordingly, Minmetals Resources Limited will acquire all issued shares of Album Resources Private Ltd, which is controlled by a subsidiary company of China Minmetals Non-ferrous Metals Co.,Ltd. Album Resources Private Ltd holds the entire asset portfolio of MMG at present.

As payment, Minmetals Resources Limited will provide US$100 million in cash, US$694 million in borrowed capital, US$362 million worth of shares and US$690 million of securities.

After the acquisition, MMG's present CEO Andrew Michelmore and CFO David Lamont will respectively become CEO and CFO of Minmetals Resources Limited.

At present, China Minmetals Non-ferrous Metals Co., Ltd has a 63.39 percent stake in Minmetals Resources Limited. After the acquisition, China Minmetals Non-ferrous Metals Co., Ltd will still hold not less than a 51 percent stake in Minmetals Resources Limited.


Similar articles

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

Brazilian high-grade iron ore price declines sharply in two days

27 Mar | Scrap & Raw Materials

Daily iron ore prices CFR China - March 27, 2024

27 Mar | Scrap & Raw Materials

India’s JSPL takes operational charge of iron ore complex in Venezuela

27 Mar | Steel News

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

Vale selected to begin award negotiations for US briquette plant

26 Mar | Steel News

Daily iron ore prices CFR China - March 26, 2024

26 Mar | Scrap & Raw Materials

India’s SEML subsidiary secures mining rights to iron ore block

26 Mar | Steel News

Major steel and raw material futures prices in China - March 26, 2024

26 Mar | Longs and Billet