[miningmx.com] — AFRICA-focused copper miner Anvil Mining said that Minmetals Resources’ $1.3bn takeover offer may not be completed if Anvil fails to agree with its partner Gecamines on contractual arrangements.
State-owned Congo miner La Generale des Carrieres et des Mines Sarl (Gecamines) told Anvil that the completion of Minmetal’s takeover of Anvil would result in a review of the financial terms of the lease agreement for the Kinsevere Project, but Anvil said it did not agree with Gecamines.
Anvil and its advisors would continue to discuss the matter with Gecamines and Minmetals, it said in a statement on Monday.
“However, in the absence of a solution that does not result in any material amendments to the contractual agreements with Gecamines, there is a risk that MMR and the offeror may not complete the Offer,” Anvil said.
Minmetals also said it was a condition of the offer that the Gecamines issues described in the Anvil statement be resolved on terms satisfactory to Minmetals.
Trading in the company’s shares was expected to resume on Tuesday morning after being suspended on Monday pending the announcement.
