Sandfire makes play for Talisman’s minority stake in copper and gold venture

The $1.4 billion Sandfire Resources has handed junior explorer Talisman Mining an offer for its 30 per cent stake in the Springfield copper and gold joint venture in Western Australia.

Junior explorer Talisman (ASX:TLM), which has a market cap of $48 million, today requested a voluntary suspension to consider a conditional proposal from Sandfire.

Talisman first went into a trading halt last Friday saying only that it was due to “market speculation involving Talisman’s interest in the Springfield joint venture”.

The tenements are located immediately adjacent to Sandfire’s producing DeGrussa copper and gold mine.

Talisman says it expects to remain in a voluntary suspension until the earlier of the start of trading tomorrow or the release of an announcement.