Glencore Bids For Full Control Of Minara, Valuing Miner At A$1.02 Billion
24 August 2011 - 2:26AM
Dow Jones News
Swiss-based commodities trader Glencore International PLC
(GLEN.LN) said Wednesday it will offer 87 Australian cents per
share to buy out minority shareholders in Minara Resources Ltd.
(MRE.AU). The bid values the Australian nickel miner at A$1.02
billion.
Minara, which produced 14,625 metric tons of nickel from its
Murrin Murrin mine in the first six months of the year, was already
72.99% held by Glencore, and a regulatory statement released
Wednesday said the stake had now risen to 73.44%.
Glencore also owns 60% of Murrin Murrin, Minara's only
significant mining asset.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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