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Zijin Mining to Take over Indophil for about AUD545mn

Posted on: Tue, 01 Dec 2009 07:03:00 EST

Symbols: ZIJMF

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LONGYAN, Dec 01, 2009 (SinoCast Daily Business Beat via COMTEX) --
ZIJMF | Quote | Chart | News | PowerRating -- Chinese mining tycoon Zijin Mining Group Co., Ltd. (SEHK: 2899; SHSE: 601899) today announces that it will purchase all shares of Australia's Indophil Resources NL (ASX: IRN) at AUD 1.28 or about CNY 7.91 apiece, according to the earlier agreement.

The deal, worth roughly AUD 545 million or CNY 3.368 billion in total, has gained nod from the board meeting of the buyer. Next, it will not wait for the permission from the Zijin Mining shareholders' meeting, but those from related Chinese and Australian regulators as well as the shareholders of the target company.

Zijin Mining promises to afford the deal with its own money and bank loans. As of September 30, 2009, its assets to liabilities ratio had reached 26.58%. The buyer itself has sufficient cash, and the coming loan loans will not have a large impact upon its financial operations.

Indophil Resources, formed in 1996, is a company engaged in acquisition, exploration, and development of gold and copper-gold deposits in the Asia-Pacific region.

Source: www.163.com (December 01, 2009)

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