It all happening so fast, I will be surprised if Lundin mining will get Tenke at first price offer. Definitely Lundins would like to keep Tenke Congo assets inside the family as long as it is possible. It will be much harder to buy out Lundin mining then Tenke mining even at recent price. FCX move will be very interesting: will they allow Lundins to keep it or they will try to bid now? In the end we will be in good hands, but I would prefer better price and if more bidders will come we can get easily ratio of 2.5 - 3.0 for 1 Tenke mining share. Assessment was done on "flat" production of 115k of Cu without any premium for increase to 200k and later for 400k annual production. With proposed 73/27 ration for Lundin mining and Tenke mining shareholders respectively Lundins will have 14%*73%+20%*27%=15.62% not a lot to defend against unfriendly offer, but size of the Company will help to prevent losing assets before their full pricing potential. What will be the best for Tenke shareholders:
1. Bidding war with Newcomer, but stay with Lundins at higher ratio.
2. Fast development of Russian wild card - Ozernoe zinc deposit, with Tenke Fungurume in production it could bring Company fast to 10 billion mark.
3. South American spin off - will allow to concentrate on exploration and acquisition of promising prospects with Lundins back up financing will be not a problem and Paul Conibear's grip will help second success like Tenke in the making.
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