ARM, Vale to turn Teal into 50-50 JV--TEAL SHAREHOLDERS PONDER 3 dollars PER SHARE OFFER FROM ARM

摘要

In a roundabout deal, Vale (RIO-N) is paying a hefty premium to get its hands on half of Teal Exploration and Mining (TL-T, TLXMF-O). Tealholdssevcraladvanced-stagc projects in Africa, specifically copper and cobalt exploration- and development projects in Zambia and the Democratic Republic of the Congo (DRC), as well as a gold exploration project in Namibia. In a two-step deal, the South African black economic empowerment entity African Rainbow Minerals (ARM) - which already owns 65 percent of Teal-is offering 3 dollars per share in cash for the rest of Teal, usinfg up about 57 million dollars in cash provided by Vale. ARM will then hand over half of Teal to Vale, getting about 24 million dollars in cash for the 15 percent difference.