Moly Mines play for Queensland Mining just about wrapped up
Mining & Resources
Unlisted Moly Mines is on the home stretch with its $50.8 million takeover of junior copper and gold explorer Queensland Mining.
The suitor has received acceptances of 95.59 per cent and is now moving to compulsory acquisition.
Moly tabled its 17c-per-share cash offer in mid-December and just over a month later is nearing completion of the deal.
The company has been looking for potential opportunities in the mining sector since mid-2013, when it inked a mine gate sale deal for its Spinifex Ridge iron ore mine in Western Australia’s Pilbara.
The company still owns the Spinifex Ridge molybdenum-copper project, but that has been on “care and maintenance” since the global financial crisis hit in 2008.
Queensland Mining (ASX:QMN) originally agreed in October to sell its White Range copper and gold project to Moly for $53 million in cash and convertible notes.
It had been looking for a partner to help develop the project since 2015. However, the conditions were not satisfied and the sale fell through.
Queensland Mining will soon be delisted from the ASX.
Moly Mines has been contacted for comment. Queensland Mining was unavailable for comment.