China Beteiligungen an australischen Minen trotz niedrigerer Preise für Metalle..
CHINA has upped its bets on Australia's resources, even as low prices of zinc and gold take the gloss off the sector.
Shenzhen Zhongjin Lingnan Nonfemet is offering to buy out minority investors of Perilya in a deal that values the Australian mining company at $269.3 million.
China"s No. 3 zinc producer already owns 53.4 per cent of Perilya, which operates base- and precious-metal mines in Australia and the Dominican Republic. The company said it wanted to buy the rest of the stock for 35 cents a share.
The offer represents a 59 per cent premium to the stock"s closing price on August 30, when Perilya"s shares entered a trading halt on Australia"s stock exchange. It also represents a 109 per cent premium to the its volume-weighted average price over the past three months, the company said.
Despite the drop in metals prices, a series of deals during the past year indicate that Australian metal mines continue to draw strong interest from Chinese buyers. Rio Tinto recently agreed to sell its majority stake in Australian copper-and-gold mine Northparkes to China Molybdenum for $US820 million.
China Hanking Holdings earlier this year signed a deal to buy St Barbara"s Southern Cross gold-mining operations in Western Australia. And last year, Shandong Gold Group said it would take a majority stake in Perth-based gold producer Focus Minerals while a subsidiary of Zijin Mining Group also took control of Perth-based Norton Gold Fields.
"Zhongjin"s proposal is priced at a level that represents an opportunity for Perilya shareholders to realize an attractive premium for their investment in a challenging global economic environment epitomized by weak base and precious metal prices and a high Australian dollar against the US dollar," Perilya"s managing director Paul Arndt said in the statement.
Perilya said its directors would unanimously support the proposal if an independent report found the deal to be in the best interest of minority shareholders, and no other offers emerged. A deal would also need Australian and Chinese regulatory approval.
Zhongjin Lingnan first bought into the Australian firm in early 2009 through a share placement and strategic alliance agreement–which included financial support during the global financial crisis and access to Zhongjin"s market intelligence on China.
Perilya said it expected shareholders to vote on the proposal at a meeting in December.
www.theaustralian.com.au/business/...ry-fnay3vxj-1226710519119
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