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.
CopperCo / Minsec merger - another step forward
Mineral Securities Limited (AIM & ASX: MXX) advised the markets that CopperCo has lodged a Form 604, in regard to acceptances it has received from substantial shareholders, for its ongoing offer for Minsec shares. In this case the substantial shareholders include directors of Minsec who hold 36,007,562 or 21.02% of Minsec's shares in issue (22.89% excluding Treasury Shares which are due to be cancelled).
Minsec’s shares are trading today at 48p, which means that Copperco’s is at a premium of 15.8%. Thus it seems very likely that Minsec shareholders will accept the proposed merger deal which is nearing completion
For the background to this story see:
"Mineral Securities - an emerging mid-tier mining group, trading like a depressed junior" published on 15/7/08 on Proactive Investors UK website at http://www.proactiveinvestors.co.uk/art ... t.php?MXX3
The article is also published on Proactive Investors Australian Website at http://www.proactiveinvestors.com.au/co ... -0211.html
Other CopperCo Limited articles
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15/07/08 Mineral Securities - An emerging mid-tier mining group, trading like a depressed junior
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20/03/08 Mineral Securities: another friendly merger
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21/12/07 Mineral Securities: diversified investments reaping dividends
Other CopperCo Limited news
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20/11/08 CopperCo in Trading Halt - Progressing Financing Transactions
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06/06/08 Mineral Securities extends merger deadline with CopperCo
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16/05/08 Mineral Securities merger one step closer
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15/04/08 Mineral Securities says independent expert values company at A$2.57 per share
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19/02/08 Mineral Securities says merger highly complementary
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01/02/08 Mineral Securities ends share purchase agreement
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29/01/08 Minsec and CopperCo announce merger
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21/12/07 Mineral Securities boosts stake in Tianshan
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29/11/07 Mineral Securities Chairman outlines vision
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