Nkwe Platinum catches the eye of a big Chinese miner; shares soar 140pc
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China’s Zijin Mining Group is making a play for junior explorer Nkwe Platinum and investors are excited.
The shares spiked 140 per cent to close at 7.2c on Monday after the company (ASX:NKP) revealed it had received an “indicative and non-binding” offer of 8c cash per share – a 166 per cent premium over last Thursday’s closing price.
Since Nkwe was reinstated to trading in November after a 12-month hiatus, its shares have traded between 3c and 7.5c.
Nkwe was able to resume trading after the South African government finally lifted the suspension of mining rights over its flagship Garatau project.
Zijin, through its wholly owned subsidiary Jin Jiang Mining, currently has a 60.5 per cent stake in the company.