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Australia's Oxiana makes 415 mln aud scrip offer for Agincourt Resources


Published :
Mon, 29 Jan 2007 08:00
By : Agencies
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SYDNEY (AFX) - Oxiana Ltd said it will make an agreed all share offer for Agincourt Resources Ltd, valuing the gold miner at 415 mln aud.

Oxiana, which mines base metals and gold in Australia and Laos, said it is offering 0.65 of its shares for each Agincourt share, being a 34 pct premium to Agincourt's last traded price of 0.14 aud.

Oxiana last traded at 2.96 aud a share.

Agincourt's major shareholder, Newmont Mining Corp, agreed pre-bid to accept the offer for its 19.9 pct stake.

Oxiana chief executive Owen Hegarty said the acquisition is in line with Oxiana's strategy of owning, developing and operating quality resource assets in the Asian/Australian region.

Hegarty said Agincourt's still to be developed Martabe gold project in North Sumatra, Indonesia, will significantly enhance Oxiana's gold portfolio, increasing the company's gold resource base to about 16 mln ounces, including silver equivalents.

Agincourt also has a controlling stake in Nova Energy Ltd which holds the advanced Lake Way/Centipede uranium project in Western Australia.

Hegarty said this adds another uranium opportunity to Oxiana's portfolio which started with an investment in Australian uranium explorer Toro Energy Ltd.

Meanwhile, he said, Agincourt's Wiluna Gold operation in Western Australia provides extra gold production, adding 120,000 ounces a year.

In the year to December Oxiana produced 223,720 ounces of gold with 173,524 ounces being mined at its Sepon project in Laos and 50,196 ounces at its Golden Grove mine in Western Australia.

(1 usd = 1.29 aud)

bruce.hextall@xfn.com




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