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OzMinerals holds on in IMX's China deal
The following January 20, 12.00 AMpress release from The Australian, credited to Sarah-Jane Tasker, has been verified for the Coober Pedy News by a spokesman for IMX as being accurate -
· OZ Minerals has opted to spend $3.7 million to maintain its stake in IMX Resources, following the junior explorer's $47m deal with a private Chinese firm.
IMX yesterday said OZ Minerals would exercise its anti-dilution rights for the proposed placement to Taifeng Yuanchuang International, the Hong Kong subsidiary of the privately owned Sichuan Taifeng Group.
The deal with Taifeng -- the first foreign investment transaction in the resources sector for 2010 -- involves the Chinese group spending $47m on a 19.9 per cent stake in IMX Resources and a 50 per cent stake in IMX's Cairn Hill magnetite iron ore, copper and gold project.
Taifeng agreed to pay $24.1m at a subscription price of 48.4c a share for its stake in IMX, and will pay $23m for its 50 per cent stake of Cairn Hill.
OZ Minerals had announced last month that it was partnering with IMX Resources to explore and develop copper-gold projects on the junior's Mount Woods tenements, adjacent to Prominent Hill.
The Melbourne-based miner will maintain its 13 per cent shareholding in IMX through a 7,759,000 share placement at a cost of $3.7m.
IMX managing director Duncan McBain said OZ Minerals' decision to maintain its stake was a vote of confidence for the company.
The deal with the Chinese still needs Foreign Investment Review Board approval, which could prove a hurdle as Cairn Hill sits in the Woomera prohibited area weapons testing range.
In March last year, federal Treasurer Wayne Swan stopped state-owned China Minmetals from buying OZ Minerals' Prominent Hill mine because it sat within the prohibited area.
But the company has previously said that Cairn Hill, which is due to start producing 1.7 million tonnes a year of iron ore by the middle of the year, was in the prohibited area but about 100km outside a core area in which the Defence Department had blocked mining.
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Copy of letter sent to parents/caregivers of students attending Coober Pedy Area School as supplied by CPAS to the Coober Pedy News today:
Dear Parent/Caregiver, As you will be aware, the Department of Education and Children's Services reviewed a range of matters at Coober Pedy Area School, following issues raised by the community. A number of these matters will require further enquiry and resoluti0on. This work will be undertaken as a matter of priority during Term 1 of the 2010 school year. The current principal of the school, Sue Burtenshaw, has agreed to step aside while further investigation of issues raised at the school are undertaken. I am pleased to inform you that an acting principal has been appointed to the school for Term 1, 2010 and will commence this week ready for the start of the term. Mr Bruce Schmidt who is currently the Assistant Principal of Moonta Area School has been appointed as Principal. Mr Schmidt is a highly experienced school leader and has previously been a Deputy Principal at Coober Pedy and therefore has a good understanding of your local community. I am confident Mt Schmidt's considerable experience will ensure this is a smooth and successful start to the year for the school. Yours sincerely, Chris Robinson, Chief Executive, Government of South Australia Department of Education and Children's Services.
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Feature - Coober Pedy - a great place to live, a great place to visit.
Sometimes one needs to spend time away from home to appreciate how great home is. This feature sets out to provide a comparison between the town of Coober Pedy and Caloocan City, Metro
Manila, Philippines.
(Last week in the Philippines 22 million children returned to school on the first school day of 2010.)
8.30am Coober Pedy, central main street roundabout. Below - 8.30am intersection of Zabarte and Camarin Roads Caloocan City, one of many of the minor road intersections in the city. The two guys in blue are
'traffic enforcers’, employed by Caloocan City.
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8.30am District Council of Coober Pedy. Below - Mid morning, Caloocan City Hall North. The main Caloocan City Hall is 25km away
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If you think the service is slow at the DCCP front counter, try your luck in Caloocan City Hall North.
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Messages of Hope on MetroManilla jeepneys. This is the Day of the Lord. God with Us. El Shaddai. Christ is the King.
