Anvil Mining is ready to accept the Minmetals Resources bid. The copper mining company has managed to reach an agreement with the two key stakeholders in the Democratic Republic of Congo (DRC) for the Canadian $8 per share offer that Minmetals Resources made.
The dual listed company Anvil Mining is to pay $55 million to La Generale des Carrieres et des Mines Sarl as part of the restructuring of its commercial agreement with Gecamines. Gecamines is the first of the major stake holders while Mining Company Katanga is the second one which now supports the Minmetal Resources offer.
Katanga owns a 5% stake in the Anvil Mining flagship Kinsevere copper project located in the Democratic Republic of Congo. The offer made by Minmetals Resources is valid till February 16, 2012. However there is every reason to believe that it may be extended.
Anvil Mining is already listed on the Toronto Stock Exchange and the Australian Securities Exchange. Minmetals Resources is listed on the Hong Kong Stock Exchange. Since acquisition of the common shares of Anvil Mining will be a major transaction they will need shareholders approval for the deal to go through.
Minmetals Resources has received written shareholder approvals from Album Enterprises and Top Create Resources Limited, two subsidiaries of China Minmetals Non-Ferrous Metals Company Limited, for the proposed deal with Anvil Mining. Together the two subsidiaries own 50% stake in Minmetals Resources.