Modest resources house prepares for merger battle

摘要

Shares in Sedimentary Holdings Ltd have spiked on news of a surprise takeover bid by ASX listed minerals investment vehicle AuSelect Ltd. Sedimentary's prime asset is its 30 percent stake in the Cracow gold mine joint venture operated by Newcrest Mining Ltd, which holds the remaining 70 percent. Another important asset for Sedimentary is its holding in NuStar Mining Corporation Ltd following a failed takeover bid. NuStar has itself now merged with Intrepid Minerals Corporation of Canada, and, as a result, Sedimentary holds a 9.98 percent share of Intrepid Mines, valued at around 16 million dollors.