30/04/2009 - 17:52

Minemakers poised for Bonaparte control

30/04/2009 - 17:52

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Diversified mineral explorer Minemakers has inched closer to taking control of marine phosphate mining hopeful Bonaparte Diamonds Mines.

Diversified mineral explorer Minemakers has inched closer to taking control of marine phosphate mining hopeful Bonaparte Diamonds Mines.

Minemakers on Thursday upped its stake in Bonaparte to 46.7 per cent, from 45.5 per cent previously.

Bonaparte accepted Minemakers' $9.1 million scrip offer on April 9 and awaits a rival bidder's statement from phosphate exploration minnow Union Resources, which is expected on Friday.

Today, Union said it will offer nine of its shares for each Bonaparte share, representing a 32 per cent premium to Minemaker's bid.

Minemakers has offered one of its shares for every 10 Bonaparte shares held.

Union is Bonaparte's joint venture partner in the Sandpiper-Meob phosphate project in Namibia.

Union on Thursday announced it would put this project ahead of its Mehdiabad zinc project in Iran, which has been held up by disputes for several years.

Minemakers' offer is scheduled to close on May 28.

Shares in Union soared 33.33 per cent to 0.8 cents, Minemakers was up 5.8 per cent at 73 cents and Bonaparte added 3.03 per cent to 6.8 cents.

 

 

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