Private equity group Auctus Chillagoe's proposed takeover of Mungana Goldmines looks set to be defeated, with Mungana's major shareholders announcing their intention not to accept the offer.
Mungana Goldmines has told its shareholders to reject a 13.5 cents a share takeover offer from Auctus Chillagoe, an entity led by former Karara Mining boss Steve Murdoch, saying it undervalues the company and its assets.
Kagara Mining's distressed asset firesale has hit a speed bump, with the purchaser of the collapsed base metals miner's remaining Queensland mines missing a deadline to pay $6 million worth of depo
