Jan. 22, 2010 (China Knowledge) - Zijin Mining Group Co Ltd<601899><2899>, the largest listed gold miner in China, said that its wholly-owned subsidiary Golden Resource Mining Ltd on Jan. 18 has launched a tender offer to acquire Australia-listed Indophil Resources, sources reported.
The tender offer will remain valid until Mar. 19, 2010, said the Chinese company.
On Dec. 1, 2009, Zijin Mining announced that it had signed a contract to take over the Australian firm for A$545 million. The acquisition proposal has secured approval from the Australia's Foreign Investment Review Board on Jan. 7.
Reportedly, at the end of last year, Indophil Resources had A$160 million in net assets and had suffered losses of A$14.84 million. The company currently holds a 34.23% stake in Philippine miner SMI and intends to purchase another 3.27%, bringing its total shareholding in SMI to 37.5%.