logo-loader
viewFresnillo Plc

Fresnillo and Newmont Mining JV concede defeat in Canplats takeover battle

gold_stack_350_4b4aeba28c304.jpg

Mexico based silver miner Fresnillo (LSE: FRES) has announced that its joint venture with Newmont Mining Corporation (NYSE: NEM), Minera Penmont (Penmont), will make no further action in reference to its proposed acquisition of Canplats Resources Corporation (TSX-V: CPQ). Over the Christmas period, Penmont had been involved in a takeover tussle with New York listed gold major Goldcorp (NYSE: GG).

Canplats’ main asset is the Camino Rojo gold-silver deposit in Mexico, which has a measured and indicated resource of 3.44 Moz (million ounces) of gold and 60.7 Moz of silver and an inferred resource of 0.55 Moz of gold and 7.6 Moz of silver hosted within the Represa deposit.

In November, Goldcorp made an initial equity-based offer for the Toronto Ventures listed company, valueing the company at C$3.60 per share. The Penmont joint venture company on December 23 tabled a predominantly cash based offer worth a combined C$4.40. Goldcorp subsequently matched both the December 23 bid and Penmont’s improved C$4.60 offer on December 29.

The Canplats board has recommended the Goldcorp offer to its investors; resultantly Penmont determined that any further proposal to the board of Canplats would not be in the best interests of its shareholders.

Fresnillo owns 56% of the Penmont join venture company, while Newmont holds the remaining 44%.

Quick facts: Fresnillo Plc

Price: 771.8 GBX

LSE:FRES
Market: LSE
Market Cap: £5.69 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Pure Gold adds 12.3 million dollars to treasury bringing...

Pure Gold (CVE: PGM) CEO Darin Labrenz updated Steve Darling from Proactive Vancouver that the company has exercised 14,465 million share warrants raising 12.3 million dollars. With that capital added, the treasury now has over 100 million dollars. In fact, the company now sits with 150 million...

3 hours, 57 minutes ago

2 min read