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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Metminco Limited | ASX:MNC | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.046 | 0.044 | 0.052 | 0.00 | 01:00:00 |
South American copper and gold explorer Metminco Ltd (MMCLF) said Thursday it hasn't been approached by Poland's KGHM Polska Miedz SA (KGH.WA) with regard to a potential takeover proposal.
"As far as I'm aware we had no contact with them," said Tim Read, a nonexecutive director of Metminco, on the sidelines of the Jefferies copper conference here.
KGHM said earlier this month that it was looking at two additional takeover targets after completing its $2.9 billion purchase of Quadra FNX Mining Ltd. although it didn't disclose any names.
KGHM's CEO Herbert Wirth said the Poland-based copper producer and has made inquiries with banks for possible loan offers that could be used to fund further takeovers. KGHM, which is largely debt-free, funded its acquisition of Quadra with its large cashpile stemming in part from the sale of telecommunication assets last year.
Metminco has a portfolio of five copper and gold projects in Peru and Chile and has share listings in London and Sydney. The company's shares in Sydney have a market capitalization of $284 million.
-By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328; alex.macdonald@dowjones.com
--Marcin Sobczyk and Patryk Wasilewski in Warsaw contributed to this story.
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