China's Shandong Gold Mining has raised its stake in Cardinal Resources to 65.55 per cent and raised its offer to A $1.075 a share after securing control of the company just before Christmas.
Shandong Gold announced in December that it planned to raise its offering price from A $1.05 to A $1.075 per share if it bought more than 30 per cent of Cardino Resources, and rival NordGold extended its offer beyond December 23.
Russian buyers Nordgold decision under the condition of without any increase in price over the acquisition card tino resources, and said that although the company supreme Namdini project evaluation, but a $1.075 from shandong gold price "beyond Nordgold think reasonable price", and considering the risk of mine development, into the new jurisdiction and Nordgold required return on the new project.
Nikolai Zelenski, CEO of Nordgold, said: "The tender offer for Cardino Resources has been in the works for a long time, but ultimately resulted in a strong outcome for all shareholders, of which Nordgold is the largest shareholder."
"Nordgold has a strong record of capital constraints and cash flow generation and has built three mines on time and on budget.
In the case of Cardino Resources, the competitive tender and strong Australian dollar have enabled Nordgold to generate a very significant profit from its investment, while enabling us to continue to prioritise capital discipline and maximise value for shareholders."
NordGold has accepted Shandong Gold's offer for its 27.8 per cent stake in Cardino Resources.
At the same time, Ghana Engineering &Planners Company also abandoned its offer of A $1.05 a share for Cardino Resources, pointing out that the key condition for accepting 50.1% of the shares could not meet the current holding ratio of Shandong Gold.
ABOUT PUDA:
PUDA is a 28-year’s leading, growth-focused manufacturer of packing equipment and custom-engineered and integrated plant-wide system for dry bulk powders, flakes, and granules. PUDA-International Inc. is a Canadian based company located in Great Vancouver, Canada in 2004. Puda owns world famous partners like Southern Copper Corp. Rio Tinto Group, Zijin Group, LG China, OT Group, FL Smith, MCC,KAZ Minerals PLC and E.Mix and ECUACORRIENTE S.A.
Puda is totally committed to achieve customer satisfaction around the world by providing quality service to top clients from conception to installation, through to commissioning and after sales support.
Puda bagging machines range from individual equipment to automated systems that are suitable to mineral, metallurgy, agriculture, chemicals and food.
Bagging Machines
Heater sealer
Check-weigher and-rejecter
Hooking scale, platform scale
Mixers/Blenders
Dry mortar plant
Screeners
Bulk bag discharger
