Caledon Resources
Caledon Resources (ASX: CCD, LON: CDN) is a coking coal producer and explorer in the Bowen Basin of Queensland, Australia. It acquired the mothballed Cook Mine in late 2006 and has since recommissioned the operation and introduced an innovative new underground mining methodology.
The Company also purchased the nearby Minyango exploration concessions in 2006 and has conducted a number of drilling programs in preparation for a feasibility study.
Caledon Resources reassures on GRAM takeover progress
Wednesday, March 02, 2011 by Andre Lamberti
Caledon recommended a 112 pence per share takeover bid from a subsidiary GRAM back in September 2010
Caledon Resources (LON:CDN, ASX:CCD) released a statement in response to a request by the Australian Securities Exchange, assuring the market that the planned takeover by Guangdong Rising Asset Management (GRAM) - a state-owned Chinese mining company, is proceeding.
On Monday, Caledon relayed comments from the Chinese bidder saying it was confident that the proposed takeover is in the final stages of the approval process in the People’s Republic.
The group said today: “Further to a request from the ASX, Caledon would like to clarify that while it has not been given any specific timeline with regard to finalization of the Chinese approval process, its own enquiries also indicate it is well advanced. Given that situation neither party saw the need to extend the non-solicitation agreement which expired on 28 February 2011 although that decision may be reviewed as more information comes to hand.”
The deal is still awaiting the official sign-off from the Chinese authorities.
"GRAM has been working very hard with the Chinese regulatory authorities during February and is confident the approval process is in its final stages," GRAM chairman Mr Li Jinming said on Monday.
Caledon recommended a 112 pence per share takeover bid from a subsidiary GRAM back in September 2010.
Caledon oparates the Cook coking coal mine in Queensland, Australia.
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