Shares of Australian-based Black Hill Minerals and Strategic Industry Investments will be exchanged for shares of Cliff Resources (TSE).
Although the exchange ratios have not been determined, the directors of both Australian companies say the combination will provide maximum benefit to their shareholders.
The three companies currently have interests in several of the same properties. After the amalgamation, Cliff will be the only remaining entity and will focus on coal recovery and chrysotile production.
The company will consist of eight operating units which, for 1995, are projected to produce 640,000 tonnes of fine coal, 18,000 tonnes of chrysotile and 250,000 tonnes of sand.
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