RE:OREA - Nordgold v the Chinese And the bidding continues.
Don’t’ own CR just using as an example of what is occurring in the most recent bidding war for a gold project; just happens to involve NG.
How far will NG go to get CR? Initial bid was A$0.45 cents from a sp earlier around mid $0.20s; now the Chinese bid is $0.70. If NG were to eventually win out what would this mean for their ability to buy OREA’s 45%? Would NG now be more encouraged to sell out the Montagne d’Or project (would take at least 2 years to build from permit approval) to help raise its cash profile; especially, if NG still intends to go public with a rising gold price (an original reason for going private was very much about NG’s then low sp valuation, so it wants to come back with a good valuation, which a cash pile will help)? These questions make the Montagne d’Or project such an interesting investment prospect. Only one ‘small’ problem – no FG permit!
Shandong Gold bolsters Cardinal takeover bid https://www.australianmining.com.au/news/shandong-gold-bolsters-cardinal-takeover-bid/ July 23, 2020
Shandong Gold Mining has raised its takeover offer for Cardinal Resources following a competing proposal from the target’s largest shareholder, Nordgold.
The Chinese gold giant upgraded its offer from 60 cents to 70 cents a share for all Cardinal shares it hasn’t already owned.
Shandong is competing with Nordgold’s unconditional cash offer of 66 cents a share announced last week.
The board of Cardinal is now considering Shandong Gold’s takeover bid, having previously recommended the shareholders to accept its preceding offer.
Though the acquisition remains subject to regulatory approvals in Australia and China, Shandong Gold assured Cardinal that it expected to receive Chinese approvals imminently.
Cardinal holds interests in tenements within Ghana, West Africa and is advancing a feasibility study for the Namdini gold project. It has an ore reserve of 5.1 million ounces and lies within the Nangodi Greenstone Belt.
Shandong Gold owns a 50 per cent stake in the Veladero joint venture project in Argentina with Barrick, while Nordgold has prospective projects in various stages in West Africa, Russia, French Guiana and Canada.
GLTA - https://twitter.com/EarthsRare