Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong
Kong Limited take no responsibility for the contents of this
announcement, make no representation as to its accuracy or completeness
and expressly disclaim any liability whatsoever for any loss howsoever
arising from or in reliance upon the whole or any part of the contents
of this announcement.
HONG KONG, April 26 /CNW/ - Reference is made to the announcement of
Minmetals Resources Limited ("MMR") dated 4 April 2011 in relation to its intention to make a conditional
takeover bid to acquire all the shares in Equinox Minerals Limited ("Equinox") not already owned, directly or indirectly, by MMR.
Following the announcement yesterday by Equinox that it will recommend
that its shareholders accept an offer it has received from Barrick Gold
Corporation ("Barrick")" of C$8.15 per Equinox share, MMR has decided not to pursue its
planned bid for Equinox.
"MMR made a very detailed assessment of the value of Equinox under a
range of assumptions and, while we still consider the Equinox assets
provide a good fit with MMR's strategy, the price offered by Barrick is
above our most optimistic assessment of value", said Andrew Michelmore,
Chief Executive Officer of MMR.
"Above all, we are committed to delivering the best outcome for MMR's
shareholders. Competing with Barrick at these prices would, in our
view, be value destructive for MMR's shareholders", Mr. Michelmore
"Our investment in Equinox, in which we have a stake of approximately
4.2%, has been financially very attractive for MMR and we will now turn
our attention to other opportunities, including the attractive suite of
projects in MMR's internal pipeline, to deliver MMR's strategy of being
a significant global upstream base metals company", Mr. Michelmore
By order of the Board
Minmetals Resources Limited
Andrew Gordon Michelmore
CEO and Executive Director
As at the date of this announcement, the Board comprises eleven
directors, of which four are executive directors, namely Mr. Hao
Chuanfu (Vice Chairman), Mr. Andrew Gordon Michelmore, Mr. David Mark
Lamont and Mr. Li Liangang; four are non-executive directors, namely
Mr. Wang Lixin (Chairman), Mr. Jiao Jian, Mr. Xu Jiqing and Mr. Gao
Xiaoyu; and three are independent non-executive directors, namely Mr.
Ting Leung Huel, Stephen, Mr. Loong Ping Kwan and Dr. Peter William
SOURCE Minmetals Resources Limited
For further information:
Lindsay Mack, (416) 413-4771, Cell: (416) 526-5388, email@example.com