Market news

摘要

Canadian-based gold producer Placer Dome Inc. has urged AurionGold's shareholders to accept its unsolicited offer which was formally rejected by the AurionGold board last week (MJ, June 28, p.469). In its formal bidder's response following AurionGold's recommendation, Placer highlights several keys reasons why shareholders should accept its offer: the fact that AurionGold has not provided an independent valuation to suggest that the offer is anything but fair and reasonable; that there is no evidence of a third-party offer; that the offer has already been endorsed by Harmony Gold Mining Co. Ltd, one of AurionGold's major shareholders; and that all regulatory approvals for the takeover; including that of the Australian Foreign Investment Review Board, have now been received. Meanwhile, AurionGold's managing director; Terry Burgess, said that Placer has a number of alternatives it could consider to improve its offer Placer has extended the closing date of its bid to July 24 (previously July 12). Marine diamonds producer Diamond Fields International Ltd has secured debt financing of up to 15 million US dollars from Overseas Private Investment Corp., a US Government agency. The financing will allow Diamond Fields to make the first of two planned vessel acquisitions, which will be used on the company's Luderitz concessions off the coast of Namibia. The financing is expected to be closed by mid-August, with the company's new mining vessel due to commence operations in early 2003.