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(Alliance News) - Rio Tinto PLC on Wednesday submitted another takeover offer for Turquoise Hill Resources Ltd, the owner of Rio's massive Oyu Tolgoi copper-gold project in Mongolia.
Rio's new bid raises its valuation of the 49% of Turquoise that Rio doesn't already own to around USD3.1 billion, up from Rio's USD2.7 billion offer in March. Rio already owns the other 51% in Turquoise.
The London-based miner's new proposal values each Turquoise share at CAD40 per share, around USD31, up 18% from its March 12 offer of CAD34 per share.
Turquoise shares were last quoted at CAD30.19 in Toronto, giving a CAD6.10 billion, about USD4.69 billion, market capitalisation In the New York pre-market, the stock was up 22% to USD28.52, about CAD37.09.
Last week Monday, the Quebec-based Turquoise said Rio Tinto's original offer of CAD34 per share did not "fully and fairly reflect the fundamental and long-term strategic value" of its majority ownership in the Oyu Tolgoi project.
Rio Tinto noted that the offer is a 56% premium to Turquoise's share price of CAD25.68 on the Toronto Stock Exchange on March 11, the last trading day before Rio Tinto's first offer on March 14.
"The improved proposal reflects full and fair value for the Turquoise Hill minority shareholders and delivers the certainty of cash at a material premium," Rio said.
Rio Tinto shares were 2.1% lower at 4,939.00 pence each in London on Wednesday afternoon.
CIC Gold never got to buy the mine and probably now has nothing but a bit of cash in a tin can. Some History.......
Overseas Market
Mogi: Barsbold Ulambayar (MPP) is the former environment minister, here's his self-profile, also behind the group that sold Khushuut to Mongolia Energy Corp. CICG trading suspension lifts today
LSE-Listed CIC Gold Proposes Reverse Take Over of Gobi Minerals
November 6 -- CIC Gold (LSE: CICG) announced a suspension of trading in the Company's shares on November 3, 2015 as the Company was in discussions regarding a proposed acquisition (the "Proposed Acquisition").
The Proposed Acquisition, if exchanged and completed, would constitute a reverse takeover under the Listing Rules. As the Company was unable to provide a full disclosure under Rule 5.6.15 of the Listing Rules, the Company requested a suspension of trading in its shares.
The Company is pleased to advise that the board of directors (the "Board") of the Company have agreed with the vendors to progress the acquisition of Gobi Minerals Limited for a consideration of £5,600,000 payable by the issue of 280,000,000 shares each with a half warrant to the vendors.
Gobi Minerals Limited collectively own a 100% interest (the "Interest") in mineral title Tsagaan Suvarga gold and copper situated in the South Gobi region of Mongolia located in the territory of Mandakh soum, Dornogovi aimag, 560 km from Ulaanbaatar city, known as Gobi Gold Project. It is located near Mongolian Alt Corporation now in production. The mineral lease has no proven reserves or resources and is considered green field.
The Proposed Acquisition will be subject to a number of conditions including due diligence, the production of a satisfactory Competent Person's Report, documentation, the raising of additional equity finance, the publication of a prospectus, the approval to the issue of new shares as consideration for the Proposed Acquisition by shareholders and Admission of the Company's enlarged share capital to the Main Market.
Board Changes and Management
HE Barsbold Ulambayar, who is an Independent Non Executive Director has been appointed Executive Director and Chief Operating Officer with immediate effect. Dr. Geoffrey P. Cowley, the previous Chief Executive, has been appointed Non Executive Technical Director.
Mr. D. Garamjav, who discovered the potential mineral resources in the lease area, will be appointed principal geologist upon the completion of the Proposed Acquisition. Mr. D. Garamjav discovered the world class Oyu Tolgoi gold copper deposit being developed by Rio Tinto/Ivanhoe.
CIC Gold has appointed Dr. Earl W. Abbott Independent Consulting Geologist to produce a Technical Competent Persons Report on the Interest. The Company then will conduct mineral asset de risk works and seek to divest its interests.
The de-risking phase may include some of the following actions:
· Compile a complete detailed technical report to Canadian NI 43-101 report;
great move...not...