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Microsoft Word - Antofagasta Press Release mark up v2 (2) (2).docx
For immediate Release, 3 November 2014
Acquisition of Duluth Metals Limited
Antofagasta plc announces that its wholly owned subsidiary, Antofagasta Investment Company Limited ("Antofagasta"), has entered today into a binding letter agreement pursuant to which Antofagasta has agreed to acquire all of the issued and outstanding common shares of Duluth Metals Limited ("Duluth") (TSX:DM) for an all- cash consideration of C$0.45 per share. Antofagasta will, as part of this agreement, fund the liquidity requirements of Duluth through to closing of the transaction.
The total consideration of the offer, excluding the outstanding shares currently owned by Antofagasta and the Bridge Loan provided by Antofagasta to Duluth and including Duluth's outstanding convertible debenture, is approximately C$96 million. The offer price represents a premium of approximately 49% to the 90-day VWAP of Duluth common shares for the period ending 31 October 2014. Antofagasta currently owns 14.2 million common shares, or 10.4% of shares currently outstanding.
Antofagasta (40%) and Duluth (60%) are currently joint venture partners in Twin Metals Minnesota LLC ("TMM"), which is focused on developing a copper-nickel-cobalt-platinum-palladium-gold-silver project in the Duluth Complex in north-eastern Minnesota, USA. The acquisition of Duluth by Antofagasta consolidates Antofagasta's ownership in TMM to 100%.
Diego Hernandez, CEO of Antofagasta plc, commented:
"The acquisition of Duluth provides Antofagasta with a long-term option to develop a large polymetallic resource in a stable and proven mining region. We believe that the Duluth Complex is an attractive deposit and upon closing of the offer we will commence the process of re-evaluating the project's design while also continuing with the permitting activities."
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Antofagasta plc
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PRODUCTEUR |
CODE : ANTO.L |
ISIN : GB0000456144 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Antofagasta est une société de production minière de cuivre et d'or basée au Royaume-Uni. Antofagasta est productrice de cuivre, d'or, d'argent et de molybdène au Chili, en développement de projets de cuivre et d'or au Chili et au Pakistan, et détient divers projets d'exploration au Chili, au Perou, en Australie et en Suede. Ses principaux projets en production sont MICHILLA, EL TESORO MINE, LOS PELAMBRES, EL TESORO, ESPERENZA (OXIDES) et ESPERANZA (SULPHIDES) au Chili, ses principaux projets en développement sont REKO DIQ au Pakistan et LINCE/MICHILLA au Chili et ses principaux projets en exploration sont PUNT HILL et PYRAMID ( ALASKA) en Australie, KIRUNA SOUTH en Suede, CORDILLERA DE LAS MINAS au Perou et ANTUCOYA au Chili. Antofagasta est cotée au Royaume-Uni, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 1 887,8 milliards GBX (2 256,8 milliards US$, 2 063,4 milliards €). La valeur de son action a atteint son plus bas niveau récent le 10 novembre 2023 à 1 280,00 GBX, et son plus haut niveau récent le 11 octobre 2024 à 1 914,91 GBX. Antofagasta possède 985 856 000 actions en circulation. |