In what appears to be the final play in its bid for a stake in the Bajo de la Alumbrera project, Metall Mining (TSE) has withdrawn its bid for all the shares of International Musto Explorations (TSE).
Metall’s bid of $16.25 per share was withdrawn after Musto and MIM Holdings announced a definitive joint-venture agreement to develop the Chilean gold-copper deposit.
Jonathan Challis, mining analyst with Scotia McLeod, said that “on a simplistic basis, the approximate value of Musto’s shares is $21 each.” At presstime, Musto shares closed at $13.75, down $2 from a week ago, while shares in Metall closed at $12.88, down 37 cents on the week.
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