An agreement was signed today between China Minmetals Non-Ferrous Co. Ltd. (CMN) and Minmetals Resources Limited (MMR) in relation to MMR’s proposed acquisition of MMG.
Both MMR and MMG are subsidiaries of CMN.
Subject to approval by the Australian Government and MMR’s independent shareholders who will vote on the proposal at an Extraordinary General Meeting scheduled for 23 November, MMR will acquire MMG for US$1,846 million to be satisfied through a combination of cash, shares and convertible securities.
Upon completion, MMR will appoint MMG’s CEO Andrew Michelmore and CFO Mr David Lamont as CEO and CFO respectively of MMR. Mr Michelmore and Mr Lamont will also be appointed to the Board of MMR.
MMG non-executive directors Dr Peter Cassidy and Mr Jiao Jian (who is also the President of CMN) will be appointed as non-executive directors of MMR.
For further information please view the MMR release, substantive announcement to the Hong Kong Stock Exchange or the MMR website: http://www.minmetalsresources.com/html/index.php.
For further information:
Consultant to MMG
T +61 3 9288 0954
M +61 447 596 590
Group Manager Community and Stakeholder Relations
T + 61 3 9288 0456
M +61 409 313 637
T +61 3 9288 0996
M +61 400 481 868