Proactive investors logo proactive australia

You need the Flash Player version 8.0.0.0 or higher and a JavaScript enabled browser to view this content
You need the Flash Player version 8.0.0.0 or higher and a JavaScript enabled browser to view this content
Additional information
Additional Information
Market: ASX
Sector: General Mining
Epic: CUO
News: Latest news
Web Site: CopperCo Limited
Other Articles: 18-07-200815-07-200806-06-2008

RSS - Subscribe to the NewsEditorial news ▼

Proactive Investors United Kingdomrss_icon

RSS - Subscribe to the NewsBreaking news ▼

Proactive Investors United Kingdomrss_icon

RSS - Subscribe to the NewsEditorial news ▼

Proactive Investors North Americarss_icon

CopperCo Limited

CopperCo Limited is a public company listed on the Australian Stock Exchange (“ASX”) (“CUO”).  CopperCo commenced copper production from the first of five ore bodies in October 2007 at the Lady Annie Operations (“LAO”) located approximate 120 km north of Mt Isa.  The mine employs the heap leach solvent extraction – electrowinning technology (“SX-EW”) which accounts for approximately 20% of the world’s copper production.  Lady Annie is producing at an annualised rate of 19,000 tonnes per annum (“tpa”) of copper cathode and will increase production to 30,000 tpa early in 2009.

 

Tuesday, January 29, 2008

Minsec and CopperCo announce merger

Mineral Securities ( AIM & ASX: MXX ) surprised the market this morning after announcing that it was recommending an proposed merger with ASX listed CopperCo Limited. The deal will see CopperCo acquire Minsec to create a diversified mining group with a wide range of investments across the globe in base and precious metals projects from grassroots exploration to producing mines.

The market was surprised as Mineral Securities and Scarborough Minerals only completed their own merger less than 6 months ago which brought together two of the mining industry's most respected businessman: Robert Champion De Crespigny and Keith Liddell.

The proposed all-share deal will see CopperCo offer 2.2 shares for each ordinary Minsec Share, valuing Minsec at A$1.43 per share. Post merger Minsec shareholders will hold around 46% of the enlarged group. Minsec already holds a 19.8% stake in CopperCo, and said that it would dispose of the holding within twelve months of completion.

The two companies cited a range of rationale for the merger, but the key driving force behind the deal appeared to be the strong position the combined entity will hold in base metal projects in North Queensland, Australia.

Robert Champion De Crespigny, Chairman of Minsec said:

"This is an opportunity to unlock the significant intrinsic value within the company's portfolio of assets and gain access to a quality cash flow producing asset. The offer from CopperCo is an attractive one which the Independent Directors of Mineral Securities unanimously recommend that shareholders accept in the absence of a superior proposal. The merger is a logical development for both companies and brings together an exciting pool of assets."

Register here for more articles on CopperCo Limited

Other CopperCo Limited articles

Other CopperCo Limited news

More news ►

Investors interested in CopperCo Limited recently viewed

You need the Flash Player version 8.0.0.0 or higher and a JavaScript enabled browser to view this content

Disclaimer

This document is intended solely for the information of the particular person to whom it was provided by Proactive Investors Australia Pty Ltd and should not be relied upon by any other person. Although we believe that the advice and information which this document contains is accurate and reliable, Proactive Investors Australia Pty Ltd Limited has not independently verified information contained in this document which is derived from publicly available sources, directors and proposed directors and management. Proactive Investors Australia Pty Ltd assumes no responsibility for updating any advice, views, opinions, or recommendations contained in this document or for correcting any error or omission which may become apparent after the document has been issued. Proactive Investors Australia Pty Ltd Limited does not give any warranty as to the accuracy, reliability or completeness of advice or information which is contained in this document. Except insofar as liability under any statute cannot be excluded, Proactive Investors Australia Pty Ltd Limited and its directors, employees and consultants do not accept any liability (whether arising in contract, in tort or negligence or otherwise) for any error or omission in this document or for any resulting loss or damage (whether direct, indirect, consequential or otherwise) suffered by the recipient of this document or any other person.

This document has not been written for the specific needs of any particular person and it is not possible to take into account each investor’s individual circumstances and that investors should make their adviser aware of their particular needs before acting on any information or recommendation. Proactive Investors Australia Pty Ltd Limited, its employees, consultants and its associates within the meaning of Chapter 7 of the Corporations Law may receive commissions, underwriting and management fees, calculated at normal client rates, from transactions involving securities referred to in this document and may hold interests in the securities referred to in this document from time to time.

Disclosure of Interest

Proactive Investors Australia Pty Ltd and its associates may have owned shares in the above company as at the date of the report. This position is subject to change without notice.