Dragon Capital Managements takeover bid for Tiberon Minerals (TBR-T) has become a reality now that the majority of shareholders have accepted the $3.65 per share offer.
Dragon Capital, based in Ho Chi Minh City, Vietnam, will officially acquire 93.2% of Tiberons 61 million outstanding shares on Feb. 14, which closed at $3.62 each on Feb. 13.
Tiberons board unanimously supported the offer. The board and senior officers had agreed to irrevocably tender all of their 6.3 million shares and to exercise all 2.3 million warrants beforehand. Two-thirds shareholder approval was needed to complete the deal.
Tiberons main asset is the 70%-owned Nui Phao fluorspar-tungsten mine in Vietnam — the largest mining project under development in the country.
Two Vietnamese joint venture partners each hold 15% of the Nui Phao.
Production could start by 2009 and its projected the mine will provide 10% of global supply.
The Nui Phao mine contains more than 55 million tonnes of proven and probable reserves grading 0.211% tungsten trioxide, 8.46% acid-grade fluorspar, 0.187% copper, 0.208 gram gold per tonne and 0.095% bismuth.
Annual concentrate production is estimated to be about 4,800 tonnes of tungsten trioxide, 222,500 tonnes of acid-grade fluorspar, 2,000 tonnes of bismuth, 5,600 tonnes of copper, 2,300 oz. gold and 27,400 oz. silver over a mine life of about 16 years.
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