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Ticor firm on Kumba offer

MINERAL sands miner Ticor has advised its shareholders to take no action over an indicative proposal from Kumba Resources, in which a wholly-owned subsidiary of Kumba is seeking to acquire all Ticor’s shares. The offer for Ticor values the company at $1.70 per share. Following the announcement, West Perth-based Ticor, which operates its Cooljarloo mine through the TiWest joint venture with US mining group Kerr McGee, was trading at $1.71, slightly higher than Kumba’s offer price. Kumba’s offer for Ticor follows its exit from the $2 billion Hope Downs iron ore development proposal, in which it was replaced by Rio Tinto as a 50 per cent project partner to Hancock Prospecting.

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