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Monday January 29, 5:21 AMAustralia's Oxiana may bid for Agincourt-paperSYDNEY, Jan 29 (Reuters) - Australian copper and gold miner Oxiana Ltd. may be preparing a takeover bid for gold miner Agincourt Resources Ltd. to expand its interests in Australia and southeast Asia, the Australian Financial Review said on Monday.The paper said Oxiana, which operates the Sepon mine in Laos, will take a stake of 19.9 percent in Agincourt, below the level at which it must make an offer for all of the company, but is unlikely to leave the stake at that. Agincourt shares ended last week at A$1.44, giving it a market value of A$310 million. A near 20 percent stake would cost Oxiana about A$62 million. Agincourt shares were placed on a trading on Thursday. Oxiana, which ended at A$2.96 last week, has a market value of about A$4.1 billion. A takeover of Agincourt would give Oxiana an interest in the Martabe gold and silver project in Indonesia as well as in Agincourt's Wiluna gold reserves in Australia, giving it new revenue streams, the paper said. Agincourt also owns 57 percent of uranium miner Nova Energy , potentially giving Oxiana access to the booming uranium sector, the paper added. Oxiana said earlier this month that recent drill results had shown the potential for high-value resource additions at two of its projects in Australia. |
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