SHANXI DONGHUI’S $160M INOVA TAKEOVER DONE

China’s Shanxi Donghui Coal’s $A160M bid for Inova Resources has been declared unconditional after reached 59.7% acceptance and the $0.22ps bid has now been recommended by Inova directors.
The copper-gold miner’s 56.1% shareholder, Rio Tinto unit Turquoise Hill Resources, has accepted the offer.
Inova’s copper production from its Osborne copper-gold operation in Queensland, Australia, slipped to 5,137t in the Sept 2013 qtr from the previous qtr’s 5,451t, with gold down to 6,030oz from 6,190oz and production costs up to $A4.17lb from $3.82lb. The result was on 447,168t of mined ore, well up on the previous qtr’s 365,149t for 21,471t of copper concentrate, slightly down on June qtr’s 21,801t
Inova close the Sept qtr with a cash balance of $23.9M.
The takeover offer closes Nov 14 2013 unless extended by Shanxi Donghui.