Dragon Capital Management’s takeover of Tiberon Minerals (TBR-T, TBMLF-O) 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, officially acquired 93.2% of Tiberon’s 61 million outstanding shares on Feb. 14; the shares closed at $3.62 apiece on Feb. 13.
Tiberon’s 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.
Tiberon’s 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 Nui Phao.
Production could start by 2009 and it’s projected the mine will provide 10% of global supply.
The 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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