Minara Resources: Participating In BHP's Ravensthorpe Sale
02 November 2009 - 3:17PM
Dow Jones News
Nickel miner Minara Resources Ltd. (MRE.AU) said Monday it's
participating in the sale process for BHP Billiton Ltd.'s (BHP)
Ravensthorpe nickel mine in Western Australia.
The Perth-based miner said it was exploring various funding
options to potentially buy the idled nickel laterite operation,
adding there was no certainty about the outcome.
The Australian Financial Review reported Monday that China
Metallurgical Group as well as Minara remained in the bidding for
the US$2.1 billion mine, after China's largest nickel miner
Jinchuan pulled out of a bid consortium with Minara. However, other
potential joint bidders have shown interest.
Minara's largest shareholder is commodity trader Glencore
International AG (GNC.YY) with a 70.6% holding.
Final bids are due for the end of November.
BHP closed Ravensthorpe earlier this year after only a few
months of production.
-By Elisabeth Behrmann, Dow Jones Newswires;
61-2-8272-4689 elisabeth.behrmann@dowjones.com
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