[miningmx.com] – AUSTRALIA’S Illuka Resources is considering buying Kenmare Resources which mines zircon in Mozambique, said Bloomberg News citing an announcement by Illuka.
“There is no certainty that any transaction will be progressed or, in particular, that an offer will be made,’ Iluka said in its statement. Iluka has a market value of A$3.5bn ($3.3bn), while Kenmare is valued at £334m ($567m), said Bloomberg News.
Iluka is seeking to take advantage of depressed markets to secure future growth, said its CEO David Robb last month.
Kenmare’s stock has dropped 42% this year. Kenmare’s MD, Michael Carvill, recently had been approached by Iluka with an offer of 20 pence a share, said Bloomberg News citing a report on June 25 in The Times.
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