logo-loader

Sierra Rutile directors agree £215mln Iluka takeover

Published: 07:35 01 Aug 2016 BST

picture of handshake
Deal values Sierra Rutile at about £215mln including options

Sierra Rutile’s (LON:SRX) board of directors and major shareholder have accepted a takeover bid from Iluka Resources that values it at £215mln.

The Sierra Leone-based mineral sands group received the 36p cash offer on Friday and said 53.4% shareholder Pala Resources had now agreed to the bid.

Including other shareholders and directors, Australia-listed Iluka has acceptances totalling 60.15%.

Sierra Rutile said the offer “provides attractive certainty and liquidity for SRL and its shareholders as a whole.” 

John Sisay, Sierra Rutile’s chief executive, added that Iluka was a financially strong and established owner with a successful track record in the mineral sands sector. 

David Robb, Iluka’s managing director, said: "SRL is a long life operation, with an established position in high grade chloride feedstock markets.

Iluka is confident the application of its industry-specific technical expertise, together with its market access and reach, will enhance the SRL business.”

Caledonia Mining tackles 2023 challenges with optimism for 2024 as it...

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) chief executive Mark Learmonth tells Proactive's Stephen Gunnion the company faced a challenging 2023, primarily due to poor production in the first half of the year at its core asset, the Blanket Mine in Zimbabwe, and an underperformance...

1 hour, 22 minutes ago