PERTH (miningweekly.com) - ASX-listed UCL Resources has extended the takeover offer period for fellow listed Minemakers until September 10, but the company has refrained from dropping any of the takeover conditions.
In May this year, UCL launched a takeover offer for Minemakers, offering one of its own shares and 4.5c in cash for every 1.6 Minemakers shares. This was counter to an earlier Minemakers offer for UCL, under which the Namibian phosphate explorer offered 13 of its own shares for every ten UCL shares held.
Minemakers’ offer for UCL closed with only a 2.65% uptake.
Both companies have maintained that they were the best option to develop the jointly owned Sandpiper project, in Namibia. A feasibility study has found that the project could cost as much as $326.3-million to develop, and could have a steady-state production of three-million tons a year of concentrate, over an initial mine life of 20 years.