Metro Mining officially acquires full ownership of Gulf Alumina
Australia’s Metro Mining announced today that the company has acquired Gulf Alumina Ltd, taking full ownership of the company that it did not own previously. The company will proceed to combine Gulf’s Skardon River project tenements with its own Bauxite Hills mine.
Metro Mining will incorporate the use of Gulf’s existing infrastructure into the bankable feasibility study. Bankable feasibility study is likely to complete in the coming weeks.
Metro offered Gulf 62c in cash, or 52c in cash plus one share in Metro, for each Gulf share held and ASX approved the takeover after considering the renewed offer.
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Metro Mining’s Bauxite Hills mineral reserve has now stands at 96.5-million tonnes after adding the Skardon River project with direct shipping ore resources estimated at 128.8-million tonnes.
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