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Additional information
Additional Information
Market: ASX / AIM
Sector: General Mining
Epic: RML
News: Latest news
Web Site: Rusina Mining
Other Articles: 02-03-201002-03-201003-02-2010

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Rusina Mining

Rusina Mining

Rusina Mining N.L. is an active mining exploration company that is focused on the emerging Philippine mining sector. The Company has defined a JORC compliant resource estimate for nickel laterites at its Acoje tenement on the island of Luzon and will commence mining operations in the second half of 2007. The Acoje property also hosts chromite, nickel sulphides and platinum group metals. Rusina is listed on the Australian Stock Exchange, code RML and the London Stock Exchange (AIM) code RMLA.

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Wednesday, February 03, 2010

Rusina Mining to merge with European Nickel PLC

by Proactive Investors company news image

Rusina Mining NL (AIM: RMLA, ASX: RML) and European Nickel PLC ((AIM, PLUS: ENK) have announced that they have signed a merger agreement.

European Nickel proposes to acquire the entire issued share capital of Rusina by way of a Scheme of Arrangement under the Australian Corporations Act.

Rusina shareholders will be offered four European Nickel new ordinary shares for every five Rusina ordinary shares they own.

The Scheme is subject to Australian court approval and approval by Rusina’s shareholders.

This values Rusina at a 15.5 per cent premium to the last 10 day's weighted average share price of $0.0933.

Holders of Rusina share options will be offered New Shares in consideration for the cancellation of their Rusina options, based on the calculated value of each series of options. In total 6,425,329 New Shares will be offered to optionholders.

Rusina directors have unanimously recommended that Rusina shareholders vote in favour of the proposed Scheme, and each director intends to vote all of the Rusina shares they own or control at the date of the Scheme meeting in favour of the Scheme, in the absence of a superior proposal.

European Nickel plans to establish an Australian listing of its shares through ASX-listed CHESS Depositary Interests (CDIs) such that Rusina shareholders can trade the New Shares they receive on the ASX.

The rationale for the merger is to create a larger, stronger company that will be better able to finance its development projects and grow into a mid-tier nickel producer.

The merger is considered by the Boards of Rusina and European Nickel to be a logical outcome of the joint venture between European Nickel and Rusina at the Acoje nickel project in the Philippines and consolidates the ownership structure of the project ahead of critical development and financing decisions.

The combination of the two companies would create a significant nickel development company with a substantial JORC resource base of 1.35 million tonnes of contained nickel and a medium term nickel production target of 50,000 tonnes per annum.

European Nickel currently has a 20% interest in the Acoje project, with a right to earn up to 40%, while Rusina currently has a 72% interest in the project. A Definitive Feasibility Study is due to be completed in 2011.

Acoje is European Nickel’s next planned heap leach project for commercialisation, after the Çaldağ project in Turkey.

European Nickel currently owns 8,836,430 Rusina shares, representing 2.9% of the issued capital of Rusina.

Robert Gregory, managing director of Rusina, said: “This transaction delivers considerable value to Rusina shareholders as they can now be part of a larger, geographically diversified nickel company with a project at construction stage in Turkey and a pipeline of development projects in the Philippines and Albania.”

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