DMC Mining (former company)

Perth-based Volta Mining, headed by former DMC Mining founder and managing director David Sumich, is venturing into central West Africa with the acquisition of its first iron ore project.

David Sumich has resigned as managing director of DMC Mining following a takeover by Cape Lambert Resources.

Cape Lambert Resources has announced it has secured a 60 per cent stake in DMC Mining and has extended its takeover offer for the company.

Cape Lambert Resources has lifted its takeover offer for DMC Mining to the same level as the endorsed offer from Meijin Energy Group while the target ups the ante, saying that other parties could make rival offers.

DMC Mining is poised to accept a takeover offer from China's Meijin Energy Group, which trumps Cape Lambert Resources' bid by more than $3 million.

Tony Sage-led Cape Lambert Resources has increased its offer for DMC Mining, matching the offer put forward by an unnamed rival almost 10 days ago.

Shares in DMC Mining have risen after the junior iron ore explorer today received a better takeover offer for its shares compared to the $34 million offer from Cape Lambert Resources.

Cape Lambert Resources has revealed plans to take full control of DMC Mining, launching a $34 million cash offer today for the explorer which controls an iron ore project in the Republic of Congo.

A study into West Perth-based DMC Mining Ltd's Maroko iron ore project in the Republic of Congo has revealed potential revenue earnings of $US1.1 billion ($A1.2 billion) based on a 11 million tonne per annum operation.