https://www.miningweekly.com

Iluka plans all-cash offer for Sierra Rutile

A floating plant at Sierra Rutile's operations.

A floating plant at Sierra Rutile's operations.

29th July 2016

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Australian mineral sands miner Iluka Resources has confirmed that it is considering an offer for Aim-listed Sierra Rutile, noting that discussions are at an advanced stage.

Iluka revealed the potential deal in a request for a trading halt on the ASX on Friday, stating that confidentially had been lost in relation to its discussions with Sierra Rutile.

The Australia-based miner intends to make an all-cash bid and Sierra Rutile has confirmed separately that Iluka plans an offer of 36p an ordinary share.

Sierra Rutile, which owns rutile assets in Sierra Leone, traded at 38p a share on the London market on Friday morning, giving it a market capitalisation of about £225-million ($297-million).

Sierra Rutile is ramping up a new mine, Gangama, in Sierra Leone, which is expected to achieve steady-state production in the third quarter of this year. The new mine will help increase production to between 120 000 t and 135 000 t this year.

Iluka is a major producer of zircon and the largest producer of the high-grade titanium dioxide products of rutile and synthetic rutile, with operations in Australia and the US.

Iluka expects to make an announcement regarding the takeover on or before Tuesday.

Edited by Creamer Media Reporter

Comments

Latest Multimedia

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
Updated 6 hours ago

Showroom

Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 
Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.251 0.288s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: